Ottawa Saw Home Listings Decline in October

The average price of a residential home in Ottawa has only increased slightly in October 2018 when compared to last year during the same period.

A total of 1,059 transacted on the Ottawa MLS by Ottawa's Realtors®. The average property prices have now reached an average of $449,000 up 5.7% over October 2017.

Average property prices for the condominium-class of properties has now reached an average of $271,350 up only 0.6% over last October.

Inventory of homes in Ottawa is down. At the end of October Ottawa had a total of 3,088 active properties on the Ottawa MLS market down 17.5% over the same period last year.

Although property shortage generally translates into higher property prices this is not the case for all neighbourhoods of Ottawa. Some markets did significantly better than others including some areas of Orleans-Cumberland, Orleans-Convent Glen and Blackburn Hamlet. Blackburn Hamlet which was a market that historically was lagging behind saw property prices jump by 8.2% with the family homes now reaching a benchmark of $414,600.

Some areas with the smallest price increases last month were the single-family homes in the core including the neighbourhoods of Sandy Hill (up 2.7% over last year), Westboro-Hampton Park (up 4.9% over last year).

When we look at the City as a whole the property prices have increased by 7% year over year.

If you are buying or selling real estate in Ottawa and would like to discuss your real estate needs call real estate broker, Roch St-Georges at 613-889-7732.