The Ottawa Real Estate Board has released its MLS sales statistics for September 2013, and reports that the Ottawa real estate market “has started to heat up again”. Sales had decreased in the earlier half of 2013, a result of new mortgage rules introduced last summer. In September of this year, OREB members sold 1,119 residential properties, compared to 995 for the same period in 2012. This is an increase of 12.5%.
Tim Lee, the President of the Board, notes that condo sales “are up 15 percent, while residential units sold are up 11.8 percent.” He also commented that some first-time buyers may be making their purchases now, rather than waiting, due to impending mortgage rate increases. While sales have increased, the Board also reports that prices have declined, with the “average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $346,342, a decrease of 1.2 per cent over September 2012.”
For the full report please visit the Ottawa Real Estate Board website. If you would like more detailed information on the Ottawa real estate market, please contact us at any of our branch locations, or browse our website for a sales representative. You can also subscribe to our blog to receive regular updates and news regarding real estate in Ottawa.