The Ottawa housing market continued to be in full seller’s market mode in November! Sales and prices continue to surpass last year’s November numbers. Of particular note is the condo market, which continues to gain momentum. The numbers you don’t see in the chart below are Ottawa’s absorption rate – that’s how long it would take, without new listings, to sell off current inventory. For residential, it’s only two months and for condos just one! Last year was three months for both. Just a few years ago, it was as high as seven or eight. In simple terms, it means we are definitely in a seller’s market as opposed to a balanced or buyer’s market.
We are excited to see the year-end numbers next month. For now, happy holiday prep!
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