Ottawa Real Estate Market Watch – November 2015

Well much like September, October showed some great sales activity.  Sales in October (1,161 units), was an increase of 4% over October 2014.

Average sale price for October ($357,649), was an increase of .5% over October 2014.  So basically not much of a change there but anything that isn’t a drop in price is a good thing!

Cumulative days on market for sold units was fairly high again at 94 days.  This is a slight increase of one day over the previous month.  The longer days on market again is nothing to be too worried about.  There are simply more properties available than we traditionally see.  Not all of them can be sold at once!

Residential homes remain in a balanced market, where as the condo market still remains on the benefit side of the buyer.

A few things to note:

• There is talk of another municipal land transfer tax to come about.  This could significantly increase closing costs in the not so distant future.
• CMHC is projecting that interest rates should be on the rise by the second quarter of 2016.  So if you are thinking of buying or upgrading your home, sooner is probably the less expensive option for you.

As always if you have any questions, comments, or concerns with the Ottawa Real Estate Market, please don’t hesitate to ask.  amiller@kwottawa.ca