Statistics released last week by The Ottawa Real Estate Board indicate that the real estate market in the city continues to be “one of the most stable real estate markets in Canada”, with 1,133 residential properties sold last month across Ottawa neighbourhoods. According to the latest report, “units sold and the average sale price in August and September has stayed within a few percentage points from the year before.” Home sales in Ottawa increased slightly this September, up 1.3% year-over-year when compared to the 1,118 properties sold in the same month of 2013.
Home Sales and Rentals Across Ottawa
In September there were 901 homes sold in the residential property class and 232 sold in the condominium class. The condominium class includes any property that is registered as a condominium, regardless of the property style, and includes co-operatives, timeshares, and life leases. The residential class includes all other residential properties. In addition to the residential and condo sales in September, OREB reports that Board Members have also been assisting many clients with rental properties this year, with nearly 2,000 units rented in Ottawa in 2014.
Average Home Sale Price Increases 3%
The average sale price for an Ottawa home sold in September was $356,915, an increase of 3% over September 2013. The average sale price for a residential class property increased 3.2% year-over-year, and was $383,406 in September, while the average price for a condo sold in Ottawa decreased 1.2% year-over-year to $254,036. The Board also reminds potential home buyers that average sale prices can be useful in establishing trends over time, but speaking with a licensed sales representative is the best way to receive more accurate information about the real estate market in your neighbourhood.
The latest report also indicated that condo sales have performed better in September than they did in August of this year, which has potentially contributed to an increase of sales in the $275,000-$299,999 price range. This price range had the third highest concentration of homes sold in September, surpassed by the $500,000-$749,999 range with the second highest concentration of sales. The overall highest concentration of properties sold in September were in the $300,000-$399,999 price range, which is similar to previous months and could be indicative of first-time buyers entering the real estate market.
To read the full report, visit the Ottawa Real Estate Board website. If you’re thinking of selling your home please feel free to contact us directly for more information on the market in your area. We would be happy to provide you with a free, no obligation market evaluation of your home. If you’re thinking of buying a property anywhere in the Ottawa region, be sure to take a look at our active listings or browse our website for a sales representative who can help you with your search! You can also read our comprehensive Guides for Home Buyers and Sellers, or subscribe to our blog to receive regular updates about real estate market trends across Ottawa.