Date Posted: August 8, 2018
According to a new release from the Ottawa Real Estate Board (OREB), the market continues to be hot in the Ottawa area as noted in a 5.9% increase in the number of sales from July 2017. A total of 1,614 homes were sold which includes 1,238 residential properties and 376 condos in the month of July. The condo market, up 14.3% from last year, continues to positively impact the overall market.
The average sale price has also seen a 5% over July 2017 with increase in the residential market average price of $441,206. Similarly, the condo market saw a 5.3% increase with an average sale price of $280,526.
Ralph Shaw, President of the Ottawa Real Estate Board, notes that there has been a increase to sales in rural areas, specifically in the west end. “This is not only driven by availability but likely includes other attractive aspects in these well-established communities such as reasonable commute times, convenient shopping options, and great schools and recreational facilities which aren’t overtaxed.”
The market can lend fact to the stable economy and employment in the Ottawa area which remains in a competitive market.