Steady as she goes. No major fluctuations for Ottawa
resales.
Members of the Ottawa Real Estate Board sold 1,339
residential properties in July through the Board's Multiple Listing Service®
system, compared with 1,376 in July 2012, a decrease of 2.7 per cent. July's
sales are just below the five-year average of 1,347.
"Although the number
of residential properties, including condominiums, is down since last year,
residential-class units sold increased 0.5 per cent from this time last year,"
says Tim Lee, President of the Ottawa Real Estate Board. "The market has
definitely cooled down since last year, as a result of the introduction of new
mortgage rules by the Government. However, Ottawa remains balanced, and we are
not seeing major fluctuations that other large Canadian cities sometimes
experience."
July's sales included 273 in the condominium property class,
and 1,066 in the residential property class. The condominium property class
includes any property, regardless of style (i.e. detached, semi-detached,
apartment, townhouse, etc.), which is registered as a condominium, as well as
properties which are co-operatives, life leases and timeshares. The residential
property class includes all other residential properties.
The average
sale price of residential properties, including condominiums, sold in July in
the Ottawa area was $359,551, an increase of 6.6 per cent over July 2012. The
average sale price for a condominium-class property was $275,189, an increase of
3.7 per cent over July 2012. The average sale price of a residential-class
property was $381,156, an increase of 6.3 per cent over July 2012. The Board
cautions that average sale price information can be useful in establishing
trends over time but should not be used as an indicator that specific properties
have increased or decreased in value. The average sale price is calculated based
on the total dollar volume of all properties sold.
"In July, there were
14 properties sold over $1 million," says Lee. "This is an 80 per cent increase
in this price range over July 2012. The fact that this many properties were sold
over $1 million in July definitely increases the average sale
price."
There is now a better way in which REALTORS® can determine price
trends in the housing market - the MLS® Home Price Index (HPI). Similar to
Canada's Consumer Price Index, the HPI measures housing asset price inflation
(or deflation).
"The HPI has been designed to offer a much more accurate
and reliable indication of changes in house value over time," says Lee. "Many of
the inconsistencies and inaccuracies of previous models did not allow for true
comparison of "apples" to "apples," but this model certainly does. The HPI will
be a valuable tool that REALTORS® can add to their toolkit. Buying and selling a
home is one of the biggest decisions a person will make in their life, and the
HPI can be used to help you get the right price. Contact an Ottawa-area REALTOR®
today to help you with buying or selling your house."
The Ottawa Real
Estate Board is an industry association of over 2,900 sales representatives and
brokers in the Ottawa area. Members of the Board are also members of the
Canadian Real Estate Association.
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