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November brings on cooling temperatures outside but, is the market heating in Ottawa? Let's find out in my November 2021 market update.
I’m Liza Wilson, trusted real estate agent, and I've been helping people invest in the Ottawa market for over a decade.
In November, Ottawa Real Estate board members sold 1459 properties. Within that number, 1086 were in the residential property class and 373 were in the condominium property class. The five-year average for properties sold is 1348 so, we are just above that number.
The average condominium sale price was $432 099 and that is an increase of 19% from last year. The average residential sale price was over $716 992 and that's also up 19% from last year. We're seeing that supply continues to be an issue because we have little inventory on the market. If we look back to last year at this time, we are actually at 13% less inventory than we had at the very same time so that's going to continue to impact prices.
A question I always get from people: “when will the market shift?” I'm not a fortune teller but, I do look at the historical statistics and I can tell you that in order to have that market shift, we would need to have a dramatic difference in our inventory levels. Looking ahead, we usually see inventory increase in the spring market around March, however, it would need to be a lot of inventory in order to return to a balanced market. I just don't see that happening.
As a result, I predict that prices will remain stable or have the usual slight increase as we often see in the spring season which is around 4-5%.
If you have real estate questions, reach out to me lizawilson.sold@gmail.com and I would be happy to help you.
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