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The drop in the number of condos for resale was even sharper — just 614 were listed at the end of August, down a remarkable 44 per cent from August 2018. This was likely the catalyst for the unusually large 11.5 per cent jump in condo resale prices last month, pushing the average price to $308,800. Price gains in the condo resale market from January to July were more restrained — these tracked between 5.2 per cent and 7.7 per cent compared to the same periods a year earlier.

Condo prices varied quite a bit by region. They were strongest in the downtown core where the average price for a resale unit jumped 11.9 per cent to $405,750. In the south, condo prices increased 10.6 per cent to an average of $246,900 per unit while east end condos sold for $346,000, up an average of 7.1 per cent. The smallest price gains for condos were in the west, where units sold for an average of $333,300, up just 2.9 per cent year over year.

Fewer listings also reduced the amount of marketing necessary to move most properties. Residential properties sold in August had been listed an average of 42 days compared to 58 days a year earlier. For once, there was little difference between the salability of the two main property types. Condos sold in August had been listed an average of 43 days — down from 68 days a year earlier.

One reason prices didn’t rise more quickly in the face of fewer listings has to do with the recent sharp rise in new construction.

The Canada Mortgage and Housing Corp. calculated there was a nearly 20 per cent jump in new construction in Ottawa during the first seven months of this year compared to the same period in 2018. This appears to be a response to the unusually low inventories in the resale market.

Drilling a little deeper, most of the increase in new construction is to feed the demand for rented apartments. Year-to-date (ending July) there were an average of 4,760 apartment units under construction, up 31 per cent from the same period last year. New construction of standalone homes, duplexes and row houses topped 3,100 units year-to-date in Ottawa, up a modest 5.4 per cent.