Ottawa resale market on the up and up
Members of the Ottawa Real Estate Board sold 1,219 residential properties in
August through the Board's Multiple Listing Service® system, compared with 1,145
in August 2012, an increase of 6.5 per cent. The five-year average for August
sales is 1,202.
"It has been one year since the Canadian Government
introduced the new mortgage rules, and although the Ottawa market has been
slow-moving since the beginning of the year, this month's numbers are quite the
opposite," says Tim Lee, President of the Ottawa Real Estate Board. "With both
residential and condo units sold up a respectable amount since last year, it
breaks the downward cycle. In addition, average sale prices evened out in
August, creating a welcomed lull in inflating property prices."
August's
sales included 272 in the condominium property class, and 947 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 August in the Ottawa area was $348,519, a slight
increase of 0.4 per cent over August 2012. The average sale price for a
condominium-class property was $257,494, a decrease of 5.4 per cent over August
2012. The average sale price of a residential-class property was $374,663, an
increase of 1.8 per cent over August 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.
"Inventory on hand has decreased since last month,
and is starting to return to more normal levels," says Lee. "Ottawa continues to
be a healthy, balanced market, and as always, a great city to live in. With a
strengthening economy and historically low interest rates, Ottawa consumers
remain in a very enviable position." Talk to an Ottawa-area REALTOR® today for
help with buying and/or selling a home.
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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