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Ottawa remains stable in 2013, devoid of large fluctuations

Members of the Ottawa Real Estate Board sold 610 residential properties in December through the Board’s Multiple Listing Service® system, compared with 615 in December 2012, a decrease of less than 1 per cent.  The five-year average for December sales is 646, with sales from December in 2011 and 2009 increasing that average.

The total number of homes sold through the MLS® system in 2013 was 13,873, compared with 14,326 in 2012, a decrease of 3.2 per cent. The average sale price for residential properties, including condominiums, sold in 2013 was $357,348, an increase of 1.6 per cent over 2012.

“Looking back at the 2013 market, home sales in the first part of the year were, for the most part, down in comparison to the year before,” says new President of the Ottawa Real Estate Board, Randy Oickle. “The introduction of tighter mortgage rules in July 2012 largely affected the market well into 2013. However, as the year progressed the market began to pick up and then levelled out in November and December. Impending mortgage rate increases may have caused the increase in the second half of 2013, as many first-time buyers jumped into the market in advance of these increases.”

The average sale price of all residential properties, including condominiums, sold in December in the Ottawa area was $340,021, an increase of 0.9 per cent over December 2012. The average sale price for a condominium property was $245,349, a decrease of 5.1 per cent over December 2012. The average sale price for a residential property was $369,543, an increase of 3 per cent over December 2012.

“Although the government succeeded in its plan to “cool down” the market over the last year and a half, Ottawa remains steady and balanced, devoid of fluctuations in resale activity,” says Oickle.

Single level condominium apartments, December’s figures showed 74 sales for the month, compared with 63 in December 2012. The average price in December 2013 was $261,618, a decrease of 11.4 per cent over the previous year’s December.

Two storey condominium townhomes, December’s figures showed 61 sales for the month, compared with 60 in December 2012. The average price in December 2013 was $227,130, an increase of 3.3 per cent over the previous year’s December.

It’s a new year with new opportunities ahead. Call me for specific information on your own property.

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