Ottawa Real Estate Board Market Update for August from Jeff Lyons of Power Lyons Property Marketing
Ottawa resale market on the up and
up
Members of the Ottawa Real Estate Board sold 1,219
residential properties 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 the 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 both residential and condo 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 welcomed lull in inflating property
prices.”
August’s sales included 272 in the condominium property class,
and 947 in the residential property class. The condominium property class
includes any property, regardless of style (i.e. detached, semi-detached,
apartment, townhouse, etc.), which is registered as a condominium, as well as
properties which are co-operatives, life leases and timeshares. The residential
property class includes all other residential properties.
The average
sale price of 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-class property was $257,494, a
decrease of 5.4 per cent over August 2012. The average sale price of a
residential-class property was $374,663, an increase of 1.8 per cent over August
2012. The Board cautions that average sale price information can be useful in
establishing trends over time but should not be used as an indicator that
specific properties have increased or decreased in value. The average sale price
is calculated based on the total dollar volume of all properties
sold.
“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. With a strengthening
economy and historically low interest rates, Ottawa consumers remain in a very
enviable position.” Talk to an Ottawa-area REALTOR® today for help with buying
and/or selling a home.
The Ottawa Real Estate Board is an industry
association of over 2,900 sales representatives and brokers in the Ottawa area.
Members of the Board are also members of the Canadian Real Estate Association.
