“Sales continue to outpace 2015 numbers both in monthly and year-to-date comparisons,” – Shane Silva, President of the Ottawa Real Estate Board.
The Ottawa Real Estate Board has released the latest summer real estate information for July in the capital. The first few months of summer in Ottawa’s real estate market have been full of good news for buyers and sellers alike. In July alone, the Ottawa Real Estate Board processed 1,491 residential property sales through their Multiple Listing Service. This number surpasses the five year average for July resales in Ottawa. Meanwhile, condominium sales in the capital reached 277 units sold in July, demonstrating an increase in overall units sold in Ottawa. The Ottawa Real Estate Board proclaims that the local real estate market has experienced a whopping 5.3 percent increase in year-to-date sales volume relative to 2015.
While the average sale price of both residential and condominium class properties remains relatively on par with previous years, two-storey and bungalow residential homes are being touted by Shane Silva as the “hottest segments in our market for July”. The average sale price for condominium class property was $259,794 and the average sale price for a residential class property was $398,608.
Ottawa residents are starting to wonder if Ottawa is living in a safe pricing bubble, far removed from the outrageous real estate costs in Toronto and Vancouver. Experts, buyers, and sellers remain uncertain (and many in apt disagreement) about the future of the Ottawa housing market.
If you are looking to buy or sell a home in Ottawa, contact our team of experts Realtors at Performance Realty for all the latest news, insights and listings in your area. Stay tuned to all of the latest Ottawa Real Estate News here.
