Ottawa Real Estate Market Report for November 2017
November sales were greatly up month-over-month (2017 over 2016) for both condo’s and freehold properties. And nicely up for YTD-over-YTD.
Interestingly, the average price was noticeably down for condos in November 2017 from November 2016, by over $19,000 or almost 7%. However, condos are still up over the 11 months ending November compared to the same period in 2016.
Perhaps there were quite a few people moving from condos who had made commitments on freeholds and didn’t want to loose them, so sold their condos for a bit less? But could also just be that there were more lower priced condos that happened to sell in that month – not necessarily that the prices have dropped.
This is an unusually high degree of change in activity for this late in the year for Ottawa. We have been involved in many multiple offer situations this fall, and even into November and December, which is also very unusual. I think that the mortgage rule changes announced to take effect January 1, 2018 have likely influenced a lot of people to jump into purchases.
It will be interesting to see what the December stats show. (And we’ll include the charts that break the information out into months which will provide a better idea of how the market has fared over the year.)