Statistics released today from the Ottawa Real Estate Board demonstrate that resale units sold in October were “right on par” compared to the five-year average for October sales, which is 1,091. Ansel Clarke, past president of the Board, notes that this is a “welcome change” following continuous decreases in the first half of the year. OREB members sold 1,090 residential properties this October, compared to 1,069 in the same period last year, an increase of two percent.
Of the 1,090 sales in October, 211 of those were in the condominium property class. The remaining 879 were properties sold from the residential property class, which includes all properties that are not registered as a condominium. Clarke added that the Board is “seeing average prices beginning to creep back up”, as the average sale price of all residential properties sold in October was $360,085, an increase of 4.1 percent over October of 2012. Condo prices increased over last October, with the average price increasing 1.6% to $270,542. Residential properties saw an increase of 2.5% to $381,580. The increases reflect a stable, balanced market in Ottawa.
To read the full report from the Ottawa Real Estate Board, visit the OREB website. If you’d like more information about the real estate market in Ottawa, please contact us at any of our branch locations or speak to a sales representative who can help you.
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