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Ottawa’s resale market lands softly in January’s deep freeze

Members of the Ottawa Real Estate Board sold 589 residential properties in January through the Board’s Multiple Listing Service® system, compared with 594 in January 2013.

“Residential sales this January were virtually identical to January 2013. Our members sold five more freehold residential properties and ten fewer residential condominiums. Statistically the difference is less than one per cent,” says President of the Ottawa Real Estate Board, Randy Oickle. “The market activity is encouraging for homeowners considering the deep freeze Ottawa experienced this past month – people being more apt to stay warm inside instead of venturing out to search for a home.”

The average sale price of all residential properties, including condominiums, sold in January in the Ottawa area was $346,744, an increase of 1 per cent over January  2013. The average sale price for a condominium property was $265,775, a decrease of 1.1 per cent over January  2013. The average sale price for a residential property was $368,779, an increase of 0.9 per cent over January  2013.

“The number of properties listed in January more than doubled the amount from the previous month – a normal occurrence at the beginning of the year when people begin to plan for the year ahead,” explains Oickle. “Interest rates continue to be low with some whisperings of rates decreasing, not increasing as had been predicted in the last half of 2013. The Ottawa resale market has remained steady. There have been no major increases or decreases in sales or prices, notwithstanding the government’s intervention in mortgage rules over a year ago.”

Single level condominium apartments, January’s figures showed 75 sales for the month, compared with 65 in January 2013. The average price in January 2013 was $290,935, a decrease of 6.9 per cent over the previous year’s January.

Two-storey condominium townhomes, January’s figures showed 40 sales for the month, compared with 64 in January 2013. The average price in January 2013 was $220,965 an increase of 1.5 per cent over the previous year’s January.

The market is gearing up for spring and I look forward to being really busy.  Call me for specific information on your own property.

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