Statistics released today from the Ottawa Real Estate Board show a soft landing for the resale market in the city. Members sold 589 residential properties through the Board’s MLS® system in January, compared to 594 properties in January 2013.
OREB President Randy Oickle notes that “residential sales this January were virtually identical to January 2013. Our members sold five more freehold residential properties and 10 fewer residential condos. Statistically, the difference is less than one per cent.” He added that “The market activity is encouraging for homeowners considering the deep freeze Ottawa experienced this past month – a time when people are more apt to stay in and stay warm instead of venturing out to search for a home.”
In January, the condominium property class saw 126 sales while the residential property class saw 463 sales. The condominium class includes any property that is registered as a condominium, regardless of style (apartment, detached, townhouse, etc.). January’s average sale price for residential properties, including condominiums, was $346,744, an increase of 1% over the same month in 2013. The average price for a condo in January 2014 decreased by 1.1% to $265,775 when compared to January of last year. Residential-class properties, excluding condos, saw an average price of $368,779, an increase of 0.9% over January 2013.
According to Oickle, “the number of properties listed in January more than doubled the amount from the previous month – a normal occurrence at the beginning of the year as the holidays draw to a close and people begin to plan for the year ahead.” He went on to add that Ottawa continues to see a steady resale market, with “no major increases or decreases in sales or prices notwithstanding the government’s intervention in mortgage rules over a year ago.”
To read the full report, please visit the OREB website. If you’d like additional information regarding these statistics or the Ottawa real estate market, please contact us directly or browse our website for a sales representative who can help you.
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