Condo Sales Drive the Ottawa Resale Market in July
Members of the Ottawa Real Estate Board (OREB) sold 1,530 residential properties in July 2017 compared with 1,490 in July 2016, an increase of 2.7 percent.
“The Ottawa resale market continued its steady pace into mid-summer, with condo sales really bolstering the market this past month,” said OREB’s President. “We’ve actually been seeing this positive trend since February. The condo market had been in a slump for the past few years because it was overbuilt. Some owners who had difficulty selling their condos rented them instead, thereby decreasing supply.Now as rental leases are coming due, combined with evidence of stronger condo sales, these owners are placing these units back on the market for sale. Meanwhile, residential sales have remained virtually the same in comparison to this time last year.”
“The number of new listings coming onto the market continues to be on the lower end of the five-year average, especially where residential units are concerned,” OREB’s President went on to explain. “Inventory levels continue to tighten, however the choice for buyers continues to be decent, with both entry-level properties and higher-end properties available, particularly in the condo market.”
July’s sales included 332 in the condominium property class and 1,198 in the residential property class. The average sale price of a residential-class property sold in July in the Ottawa area was $420,335, an increase of 5.3 percent over July 2016. The average sale price for a condominium-class property was $267,641, an increase of 2.8 percent over July 2016.