Ottawa homes for sale spending shorter time on market

Sellers waiting an average of 45 days to move property, down 18%

Ongoing strength in Ottawa’s condo market, combined with a sense of urgency among some buyers to get ahead of tightening mortgage rules, are contributing to a “brisk” fall for local real estate agents, an industry organization said.

The Ottawa Real Estate Board says its members sold 1,243 properties in October, up 2.3 per cent over a year earlier. The five-year average for October sales is 1,165 homes.

“Properties continue to sell much faster in comparison to this time last year,” said OREB president Rick Eisert in a statement.

The average number of days homes are spending on the market is down 17.7 per cent, from 55 to 45 days, compared to this time last year.

“Our market could still be described as balanced, though in some areas it continues to trend towards a sellers’ market,” Mr. Eisert added.

The OREB said condominiums are driving the overall residential real estate market, with year-to-date sales up 21.4 per cent over last year. That includes 261 transactions in October.

Through the first 10 months of 2017, overall home sales are up 9.4 per cent.

The average home price rose 7.7 per cent year-over-year in October to reach $425,256.