Date Posted: September 11, 2018
With the summer winding down, Ottawa Real Estate Board (OREB) members sold a total of $1,586 residential properties in the month of August which is a 3.3% increase over August 2017. The sales included 1,188 residential homes and 398 condominiums.
“Our real estate market has had a busier than usual summer season, and we are shaping up for a busy fall period as well,” affirms Ottawa Real Estate Board President Ralph Shaw. “An active market is likely to be the new normal for the foreseeable future,” he speculates.
In terms of sale prices, the average sale price for a residential home was $433,684 which is a 3.1% increase over last August. In the condo market, the average sale price increased 2.2% over last year with an average sale price of $276,720.
The capital city remains a stable market with reasonable growth in prices which keeps housing prices affordable. Given the expanse of space surrounding the city and relatively easy commutes, the dip in inventory has not driven up the housing prices as seen in other markets across Canada. Given the current lack of rental availability across the city, the demand for condo properties continues to drive the market which is also helping to reduce the oversupply of condos experienced in the past.