Condo market rebound buoys Ottawa real estate market in November

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With one month still left in 2016, Ottawa realtors have already set a new record for the number of homes sold in a single year, according to the local real estate board.

“This year has been an exceptional year for sales ... and the year isn’t even over yet,” said new Ottawa Real Estate Board president Rick Eisert in a statement.

Through the first 11 months of the year, OREB members have sold some 14,853 properties. That’s already 200 more homes than the industry collectively sold through all of 2015.

Overall, November was a steady month for local realtors, who sold some 995 properties. That’s slightly above the average for November over the last five years.

Condo sales took a sharp upswing and jumped 16.2 per cent over November 2015, according to OREB.

“The condo market appears to be on the rise now, a welcome change compared to earlier in the year,” stated Mr. Eisert. “Several factors could have contributed to this increase – inventory levels trending downwards, steady prices or buyers affected by the newly changed mortgage rules.”

The news comes slightly more than a month after the Canada Mortgage and Housing Corp. reported that Ottawa’s glut of unsold condos is showing signs of easing.

Many homebuilders, however, have placed plans for new condos on hold or moved towards multi-residential rental buildings instead.