Office: 165 Pretoria Avenue, Ottawa ON. K1S 1X1
Members of the Ottawa Real Estate Board sold 1,339 residential properties, including condominiums, in July through the Board’s Multiple Listing Service® system, compared with 1,376 in July 2012, a decrease of 2.7 per cent. July’s sales are just below the five-year average of 1,347.
“Although the number of residential properties, including condominiums, is down since last year, residential-class units sold increased 0.5 per cent from this time last year,” says Tim Lee, President of the Ottawa Real Estate Board. “The market has definitely cooled since last year, as a result of the introduction of new mortgage rules by the Government. However, Ottawa remains balanced and we are not seeing the major fluctuations that other large Canadian cities sometimes experience.”
The average sale price of all residential properties, including condominiums, sold in July in the Ottawa area was $359,551, an increase of 6.6 per cent over July 2012. The average sales price for a condominium property was $275,189, an increase of 3.7per cent from July 2012. The average sale price for a residential property was $381,156, an increase of 6.3 per cent over July 2012. Average sale price is calculated based on the total dollar volume of all properties sold.
“In July, 14 properties sold over $1 million,” says Lee. “This is an 80 per cent increase in this price range over July 2012. The fact many properties were sold over $1 million in July definitely increases the average sale price.”
Single level condominium apartments: July’s figures showed 138 sales for the month, compared with 151 in July 2012. The average price in July 2013 was $305,567, an increase of 2.5 per cent over the previous July.
Two story condominium townhomes: July’s figures showed 111 sales for the month, compared with 142 in July 2012. The average price in July 2013 was $241,524, an increase of 4.9 per cent over the previous year’s July.
As we head towards the end of summer, we look forward to increased activity in the marketplace.