Market Update, October 2016
Members of the Ottawa Real Estate Board sold 1,214 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,159 in October 2015, an increase of 4.7%. The five-year average for October sales is 1,130. This is the 3rd straight months of record-breaking resales!
Residential sales are identical to that of October 2015, but condo sales have soared – up by 27.2 per cent over last year. This may be due to lower inventory levels combined with adjusting prices. It’s too early to tell what kind of impact the new mortgage rules will have on the Ottawa market going forward. We know that right now Ottawa continues to be a desirable city to live and work, and consumer confidence and job growth remain positive.
The average sale price of a residential-class property sold in October in the Ottawa area was $392,579 an increase of 3.3 per cent over October 2015. The average sale price for a condominium-class property was $251,465, an increase of .01 per cent over October 2015.
Every area is different. If you are thinking of buying or selling, having the help of an experienced real estate agent is extremely important – so please give me a call.
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