The Ottawa Real Estate Board recently released its monthly statistics for the month of August, 2013, and reports that while the market has been slow in Ottawa for the majority of the year, “this month’s numbers are quite the opposite”. Members of the Board sold 1,219 residential properties in August of this year, compared to 1,145 in the same month of 2012, an increase of 6.5%.
Tim Lee, the President of the Board, also notes that in addition to the increased number of sales in the city, average sale prices are beginning to even out as of August, “creating a welcomed lull in inflating property prices”. The average price for a residential property this past month was $348,519, which is just a slight increase of 0.4% over last year’s average sale price for the same time period.
According to the Board, “inventory has decreased and is starting to return to normal levels”. This has contributed to the continuation of a healthy, balanced market in Ottawa as we move out of the summer and into the fall market. For further details, please see the report below, or visit the OREB website. If you are looking for detailed information about the real estate market in Ottawa, please contact us at one of our branch locations, or search our website for a sales representative who can help you.