The Ottawa Real Estate Board (OREB) says that there’s still quite a demand for Ottawa housing market  — despite the pace slowing slightly in November.

At a grand total of 1,165, 5% less residential properties were sold in November compared to 1,232 homes that were sold in the same month last year. However, Ottawa housing market still well above the 5-year average of 1,055.  Comprising sales in November were 870 residential properties which made for a 7% decline when compared to 12 months ago. The 295 condo transactions were only one unit less than a year ago.

The withering product supply is responsible for the market halt, according to OREB president Ralph Shaw, particularly given that the region is currently riding a lasting resale boom. He explained that unit sale numbers would have been much greater with more supply for the demand and that there are plenty of buyers on the hunt for property. Unfortunately, sellers are also waiting for their own opportunity to sell at a premium and are choosing to stay put.

Year-over-year, prices have risen 2.6% in November to $429,039 with Condos at the forefront due to an average increase in price of 11.1% to $285,764.

Shaw states that healthy sales throughout the past two years have leveled out the previous over-abundance of supply in the condo market. With the rental market being in a rigid state, lifestyle choice isn’t a primary driver of the condo market. Instead, it’s more about fitting accommodation needs.

Prices between $300,000-$449,9999 made up nearly 50% of all transactions in November. Condo sales between $175,000-to-$274,999 made up 47% of sales.