The condo market in Ottawa continues to surge, according to new data released by the Ottawa Real Estate Board.
There were 1,062 residential properties sold in October 2011 through the Board’s Multiple Listing Service® system compared with 1,038 in October 2010, representing an increase of 2.3 %. This is only slightly below the five-year average for October sales of 1,071.

Breaking down those sales, 253 were of condos and 809 were in the residential property class.

“Condos were the main driver of resale home sales in October, with condo sales up 14.5 per cent from the same month in 2010, whereas residential property sales numbers were near-identical to last year’s,” said Board President Joanne Tibbles. “We’ve been hearing a lot about the rising popularity of condos in Ottawa and these numbers certainly support that, but it’s just one piece of our steady resale market, with sales very near the five-year average for October. Also, listing inventory and days on market are both up slightly as we move towards the end of the year,” she added.
There has been a surge in condo development, particularly in the downtown area. Demographics suggest that many baby boomers are moving away from the suburbs, electing to downsize closer to the action, and young professionals are electing to position themselves closer to work.
Looking at average prices, average sale price for residential properties, including condominiums, sold in October in the Ottawa area was $337,797, which represents a rise of  2% , year-over-year .
Prices for condos specifically, however, actually fell by 1.5% over the same time period.  Residential-class property prices rose by 3.7%, year-over-year.