July Real Estate Market Summary
The real estate market in Ottawa last month continued to be bolstered by condominium sales, with year-to-date condo unit sales up 16.5 percent from July of last year. The market is seeing positive improvement in inventory levels in both the residential and condominium property classes, which bodes well for easing pressure on home prices as we move into the second half of the year.
According to Ottawa Real Estate Board President, Ralph Shaw, there is a marked increase in unit sales in rural areas, such as Ottawa’s west end. Contributing factors to this surge could be attributed to more reasonable commute times, convenient shopping options, and great schools and recreational facilities which aren’t overtaxed.
- Members of the Ottawa Real Estate Board sold 1,614 residential properties in July (an increase of 5.9 per cent from the previous year).
- 1,238 sales in the residential property class with an average sale price of $441,206.
- 376 sales in the condominium property class with an average sale price of $280,526.
- Year-to-date condo unit sales up 16.5 percent from this time last year.
“Ottawa’s healthy real estate market is a reflection of its strong economy which is consistently firing on all four cylinders due to a secure employment base,” reflects Shaw. “It remains a competitive market, and multiple offers (when priced right) are still the norm in some neighbourhoods. Buyers and sellers alike require a Realtor® to pave the way through the complexities of the market.”
If you are looking to sell this year, now is a great time to put your home on the market. If you are seeking any kind of support in listing your home, purchasing a new home, or in learning more about how the current change in mortgage regulations could affect you, please contact our team of expert Realtors® at Royal LePage Performance Realty today. For more information on monthly real estate statistics in Ottawa, visit the Ottawa Real Estate Board.