Ottawa Market Update – July, 2017
Members of the Ottawa Real Estate Board sold 1,530 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,490 in July 2016, an increase of 2.7 per cent. The five-year average for July sales is 1,446.
The Ottawa resale market continued its steady pace into mid-summer, with condo sales really bolstering the market this past month. The condo market had been in a slump for the past few years. Many owners chose to rent when selling was difficult. As rental leases are coming due, and the condo market is improving, some of these units are now back on the market for sale. When compared to numbers from 2016, residential properties in July 2017 are selling almost 22 per cent faster and condos just over 11 per cent faster than July of last year.”
The average sale price of a residential-class property sold in July in the Ottawa area was $420,335, an increase of 5.3 per cent over July 2016. The average sale price for a condominium-class property was $267,641, an increase of 2.8 per cent over July 2016. As prices and the number of units sold in higher-end price ranges increase, so does the total sales volume. The condo market sales volume is up 32 per cent over last year, while the residential market is up by 16.5 per cent.
Since every area or neighbourhood is slightly different, I encourage you to give me a call if you are thinking of buying or selling. And, of course, I am always happy to answer your real estate questions.
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