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Ottawa market dips post “cool down”

Members of the Ottawa Real Estate Board sold 602 residential properties, including condominiums, in January through the Board’s Multiple Listing Service® system, compared with 682 in January 2012, a decrease of 11.7 per cent.

“The Ottawa resale market, which started to flatten out in November and December – possibly as a result of the government’s aim to “cool down” the market – maintained its steadiness into January,” said Tim Lee, President of the Ottawa Real Estate Board.  “January 2013 isn’t too far from the numbers we’ve seen in recent years, and although the units sold are a tad lower, Ottawa remains a healthy market.”

An economic summary of expansion in Ottawa by Shore-Tanner and Associates indicated that the rates of growth in residents over the age of 55, and particularly in the formation of single and two-person households, will continue to rise in the coming years. Consequently, these trends indicate there will soon be a strong demand for small apartments, condominiums and retirement homes. “Within some areas of Ottawa, we are already starting to see condo sales on the rise,” says Lee.

The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $342,458, a slight decrease of 1.8 per cent over January 2012. The average sale price for a condominium-class property was $268,604, an increase of 6.1 per cent over January 2012. The average sale price of a residential-class property was $364,011, a decrease of 2.5 per cent over January 2012.

Single level condominium apartments January’s figures showed 65 sales for the month, compared with 69 in January 2012. The average price in January 2013 was $312,502, an increase of 11.7 per cent over the previous January.

Two storey condominium townhomes, January’s figures showed 64 sales for the month, compared with 60 in January 2012. The average price for January was $217,674, a decrease of 2.9 per cent over January of the previous year.

Overall, I am optimistic. A slight cool down may well be healthy for Ottawa. And no matter how chilly it is outside, spring isn’t too far away and with it comes our spring market.  I am at your service, as always.

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