The Ottawa real estate market enjoyed a record-setting August for resale numbers, and the month was particularly good for the number of condominium units sold, the Ottawa Real Estate Board has reported in a press release looking back at the past month.
August is usually a slightly slower month than June and July, as the summer starts to wind down, but August of 2017 in our region saw members of the Ottawa Real Estate Board sell 1,538 residential properties through the Multiple Listing Service system, which is eight more units than sold in July this year.
Those numbers are up from the 1,481 units sold in August of 2016, and they are also well above the five-year average for August sales, which is 1,343, the Board says.
The number of condo units sold this past month was up 22.1 per cent over August of 2016, while the number of residential units sold remained steady, with a less than one per cent decrease over the number sold last year, the Board reports. August sales included 359 in the condo property class and 1,179 in the residential property class.
We have seen a healthy resurgence in condo sales in the Ottawa area in recent months, and August continued that trend.
“Condo sales continue to strengthen the Ottawa resale market,” says Rick Eisert, President of the Ottawa Real Estate Board, in the press release.
As well, unlike some markets in Canada, prices are remaining steady in the Ottawa region.
The Board says that while Ottawa realtors reported fewer multiple-offer situations in August than we had seen in the last few months, “we are seeing sellers receive asking price or very close to it,” says Eisert.
He says “cumulative days on the market have tightened significantly since last year. Residential listings are selling almost 30 per cent faster than this time last year, and condo units are selling just over 10 per cent faster than last year. Keep in mind,” Eisert says, that while some areas within the Ottawa market are quite active, other areas of the city remain less active.”
There was good news in average sale prices in our region as well.
The average sale price of a residential-class (non-condo) property sold in August in the Ottawa area was $420,335. That’s an increase of 7.6 per cent over the average that we saw in August of 2016. The average sale price for a condominium-class property sold in August, meanwhile, was $270,768, just a 0.4 per cent decrease over the average in August of 2016.
As it always does, the Board cautions that while average sale prices for a specific month “can be useful in establishing trends over time, they should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold, and prices and conditions will vary from neighbourhood to neighbourhood.
The Ottawa market, in addition to being stable, remains affordable, especially when compared to regions such as Toronto and Vancouver.
For example, the most active price points in the residential market in the Ottawa area for August were in the $300,000 to $399,999 range, followed by the $400,000 to $499,999 range. Those two ranges accounted for 55.6 per cent of sales in the Ottawa market. Looking at condo sales, the most active price point was between $150,000 and $249,999, making up 49.5 per cent of the market, Rick Eisert says.
That’s particularly good news if you happen to be a first-time buyer of either a condo or a residential unit in the Ottawa region. Prices in our city have remained much more easily within reach of first-time buyers than prices in Toronto or Vancouver, where first-time buyers have greater challenges and they need more resources to enter the market.
If you’re considering buying or selling in the Ottawa region in coming months, I’d love to meet and chat with you about what I can offer you, with my more than 30 years of experience as a realtor in our region.
You can contact me by sending an email to firstname.lastname@example.org or call me at 613-747-4747, and I’d be happy to chat with you about the current market.
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