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Ottawa resale market on the up and up

Members of the Ottawa Real Estate Board sold 1,219 residential properties, including condominiums, 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 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 residential and condominium 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 welcome lull in inflating property prices.” The average sale price of all 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 property was $257,494, a decrease of 5.4 per cent from August 2012. The average sale price for a residential property was $374,663, an increase of 1.8 per cent over August 2012.

“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. Ottawa consumers remain in a very enviable position.”

Single level condominium apartments: August’s figures showed 122 sales for the month, compared with 116 in August 2012. The average price in August 2013 was $269,766, a decrease of 11.5 per cent over the previous August.