Homebuyers undeterred by January cold
Members of the Ottawa Real Estate Board sold 627 residential properties in
January through the Board's Multiple Listing Service® system, compared with 587
in January 2014, an increase of 6.8 per cent. The five-year average for January
sales is 633.
"The cold weather proved not to be a deterrent for buyers
in January," says President of the Ottawa Real Estate Board, David Oikle.
"Residential and Condo sales combined, contributed to an increase in sales this
month, and we are right on par with the January average. Residential two-storey
and bungalow properties had the highest concentration of buyers. In addition to
residential and condominium sales, OREB members assisted clients with renting
183 units this month."
January's sales included 114 in the condominium
property class, and 513 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.
"This month has been a busy month for our Members," says
Oikle. "The number of residential and condo properties listed in January (2,018)
more than doubled the amount of newly listed properties from December - a normal
occurrence at the beginning of the year, in advance of the usual busy spring
market."
The average sale price of residential properties, including
condominiums, sold in January in the Ottawa area was $348,617, an increase of
0.5 per cent over January 2014. The average sale price for a condominium-class
property was $250,406, a decrease of 5.8 per cent over January 2014. The average
sale price of a residential-class property was $370,442, an increase of 0.5 per
cent over January 2014. While average sale price information can be useful in
establishing trends over time, it should not be used as an indicator that
specific properties have increased or decreased in value, because the average
sale price is calculated based on the total dollar volume of all properties
sold.
"The possibility of interest rates approaching record lows will
provide even more opportunity for homebuyers," explains Oikle. "The Ottawa
resale market remains steady, and we look forward to a productive year
ahead."
