Ottawa Market Report – October 2017
Ottawa Real Estate showed another great month in October.
Condos are still doing great this year! The 10 months of January to October of 2017 showed 24% more condo resales than the same period in 2016. Note that the current levels are a great increase, but they’re only now getting back to where they were before the mortgage rule changes of 2012.
And the average price of condos is also up: about 4.4% year-over-year! October 2017 average price is up 5.5% compared to October 2016. Great news after the stagnation (and, in some cases, drops) of prices after the mortgage rule changes by the feds in 2012.
Freeholds are doing well also. Although the number of sales has pretty much levelled off over the last couple of months, there were 846 more properties sold Jan-Oct this year than Jan-Oct 2016 – an almost 10% increase! And the average price for the year to date is up about 6%.
We’re happy to hear from our clients, and to meet new ones. Let us know if you have any questions concerning this or any other real estate topic – just contact us.
These stats are for the basically urban/suburban Ottawa area: approximately Rockland/Russell/Embrun to Dunrobin, and south to a bit past Manotick. Smaller towns, and particularly rural areas, have a different sales dynamic.