![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2018\/11\/JPbombales-2327_Ottawa-compressed.jpg\")
<\/a><\/p>\nPhoto: James Bombales<\/em><\/p>\n Canadian homebuyers are increasingly looking for cheap alternatives to the pricey Toronto housing market. One contender that has emerged in recent months? Ottawa, which has seen activity gain momentum throughout 2018.<\/p>\n Last month saw new listings fall 17.5 percent year-over-year, continuing a year-long trend of rising demand in the Ontario city. What\u2019s more, condo listings fell a whopping 34.5 percent year-over-year.<\/p>\n As listings dip, demand remains strong \u2014 sales were up 5.7 percent year-over-year, according to data from the Ottawa Real Estate Board (OREB).<\/p>\n\n \u201cOctober\u2019s sales are truly indicative of the fast-paced market we have experienced for much of 2018,\u201d writes Ralph Shaw, president of OREB, in a statement. \u201cYear-to-date average Days on the Market are down 14 percent from 45 to 39 days for residential homes and down 24 percent from 68 to 51 days for condos.\u201d<\/p>\n Shaw names the lack of listings as a \u201cmajor driving factor\u201d in home prices, as more and more buyers make their way into the market.<\/p>\n \u201cIf we look back to 2015 and 2016, our current active inventory is less than half of what we had then, and it\u2019s not improving,\u201d he writes. <\/p>\n Prices continued their upward trajectory in October, with condos in the downtown core selling for an average price of $405,190, up 13 percent year-over-year, while condos in the east end sold for an average price of $300,000, up 15 percent year-over-year.<\/p>\n