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Ottawa market heats up as fall settles in

Members of the Ottawa Real Estate Board sold 1,119 residential properties in September through the Board’s Multiple Listing Service® system, compared with 995 in September 2012, an increase of 12.5 per cent. The five-year average for September sales is 1,121.

“As a result of the new mortgage rules introduced last summer, we saw continuous decreases in units sold in the first half of 2013. Since July 2013, the Ottawa resale market has started to heat up again,” says Tim Lee, President of the Ottawa Real Estate Board. “The number of residential and condo units sold has increased since last year. Condo units sold are up 15 per cent, while residential units sold are up 11.8 per cent. Also, impending mortgage rate increases may be causing many first time buyers to buy now before the rates increase”

The average sale price of all residential properties, including condominiums, sold in September in the Ottawa area was $346,342, a decrease of 1.2 per cent over September 2012. The average sale price for a condominium property was $257,059, a decrease of 3.4 per cent from September 2012. The average sale price for a residential property was $371,370, a decrease of 0.5 per cent over September 2012.

Single level condominium apartments: September’s figures showed 124 sales for the month, compared with 91 in September 2012. The average price in September 2013 was $281,195, a decrease of 5.4 per cent over the previous year’s September.

Two story condominium townhomes: September’s figures showed 102 sales for the month, compared with 97 in September 2012. The average price in September 2013 was $225,069, a decrease of 6.8 per cent over the previous year’s September.

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