Ottawa's resale market lands softly in January's deep freeze

Members of the Ottawa Real Estate Board sold 589 residential properties in January through the Board's Multiple Listing Service® system, compared with 594 in January 2013. "Residential sales this January were virtually identical to January 2013. Our members sold five more freehold residential properties and 10 fewer residential condos. Statistically, the difference is less than one per cent," says President of the Ottawa Real Estate Board, Randy Oickle. "The market activity is encouraging for homeowners considering the deep freeze Ottawa experienced this past month - a time when people are more apt to stay in and stay warm instead of venturing out to search for a home." January's sales included 126 in the condominium property class, and 463 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties that are co-operatives, life leases and timeshares. The residential property class includes all other residential properties. "The number of properties listed in January more than doubled the amount from the previous month - a normal occurrence at the beginning of the year as the holidays draw to a close and people begin to plan for the year ahead," explains Oickle. "Interest rates continue to be low, with some whisperings of the rates decreasing and not increasing, as had been predicted in the last half of 2013. The Ottawa resale market has remained steady. There have been no major increases or decreases in sales or prices notwithstanding the government's intervention in mortgage rules over a year ago." The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $346,744, an increase of one per cent over January 2013. The average sale price for a condominium-class property was $265,775, a decrease of 1.1 per cent over January 2013. The average sale price of a residential-class property was $368,779, an increase of 0.9 per cent over January 2013. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Courtesy of the Ottawa Real Estate Board

Ottawa Residential Real Estate Market update: 2013 in review

Members of the Ottawa Real Estate Board sold 610 residential properties in December through the Board's Multiple Listing Service® system, compared with 615 in December 2012, a decrease of less than one per cent. The five-year average for December sales is 646, with sales from December 2011 and 2009 increasing that average. The total number of homes sold through the Board's MLS® system in 2013 was 13,873, compared with 14,326 in 2012, a decrease of 3.2 per cent. The average sale price for residential properties, including condominiums, sold in 2013 was $357,348, an increase of 1.6 per cent over 2012. "Looking back at the 2013 market, home sales in the first part of the year were, for the most part down, in comparison to the year before," said new President of the Ottawa Real Estate Board, Randy Oickle. "The introduction of tighter mortgage rules in July 2012 largely affected the market well into 2013. However, as the year progressed the market began to pick back up, and then leveled out in November and December. Impending mortgage rate increases may have caused the increase in the second half of 2013, as many first-time home buyers jumped into the market in advance of these increases." December's sales included 145 in the condominium property class, and 465 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties. The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $340,021, an increase of 0.9 per cent over December 2012. The average sale price for a condominium-class property was $245,349, a decrease of 5.1 per cent over December 2012. The average sale price of a residential-class property was $369,543, an increase of three per cent over December 2012. Courtesy of the Ottawa Real Estate Board.

Ottawa Real Estate Market Update: October sales comparative to five-year average

Members of the Ottawa Real Estate Board sold 1,090 residential properties in October through the Board's Multiple Listing Service® system, compared with 1,069 in October 2012, an increase of two per cent. The five-year average for October sales is 1,091. "Resale units sold in October are right on par compared to the five-year average," says Ansel Clarke, Past President of the Ottawa Real Estate Board. "This is a welcome change from the first half of 2013, where we saw continuous decreases, albeit small ones, in the number of units sold. We are also seeing average prices beginning to creep back up. The Ottawa market is proving, once again, to be a steady, balanced market." October's sales included 211 in the condominium property class, and 879 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties. The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $360,085, an increase of 4.1 per cent over October 2012. The average sale price for a condominium-class property was $270,542, an increase of 1.6 per cent over October 2012. The average sale price of a residential-class property was $381,580, an increase of 3.5 per cent over October 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. "Talk to an Ottawa-area REALTOR® today for help with buying and/or selling a home. We do the homework so you don't have to." Visit wedothehomework.ca for more information on working with a REALTOR®. Courtesy of the Ottawa Real Estate Board

Ottawa Real Estate Market update August: market on the up and up

Members of the Ottawa Real Estate Board sold 1,219 residential properties in August through the Board's Multiple Listing Service® system, compared with 1,145 in August 2012, an increase of 6.5 per cent. The five-year average for August sales is 1,202. "It has been one year since the Canadian Government introduced the new mortgage rules, and although the Ottawa market has been slow-moving since the beginning of the year, this month's numbers are quite the opposite," says Tim Lee, President of the Ottawa Real Estate Board. "With both residential and condo units sold up a respectable amount since last year, it breaks the downward cycle. In addition, average sale prices evened out in August, creating a welcomed lull in inflating property prices." August's sales included 272 in the condominium property class, and 947 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties. The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $348,519, a slight increase of 0.4 per cent over August 2012. The average sale price for a condominium-class property was $257,494, a decrease of 5.4 per cent over August 2012. The average sale price of a residential-class property was $374,663, an increase of 1.8 per cent over August 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. "Inventory on hand has decreased since last month, and is starting to return to more normal levels," says Lee. "Ottawa continues to be a healthy, balanced market, and as always, a great city to live in. With a strengthening economy and historically low interest rates, Ottawa consumers remain in a very enviable position." Talk to an Ottawa-area REALTOR® today for help with buying and/or selling a home. Courtesy of the Ottawa Real Estate Board

Ottawa Real Estate Market Update: Steady as she goes. No major fluctuations for Ottawa resales.

Members of the Ottawa Real Estate Board sold 1,339 residential properties in July through the Board's Multiple Listing Service® system, compared with 1,376 in July 2012, a decrease of 2.7 per cent. July's sales are just below the five-year average of 1,347. "Although the number of residential properties, including condominiums, is down since last year, residential-class units sold increased 0.5 per cent from this time last year," says Tim Lee, President of the Ottawa Real Estate Board. "The market has definitely cooled down since last year, as a result of the introduction of new mortgage rules by the Government. However, Ottawa remains balanced, and we are not seeing major fluctuations that other large Canadian cities sometimes experience." July's sales included 273 in the condominium property class, and 1,066 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties. The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $359,551, an increase of 6.6 per cent over July 2012. The average sale price for a condominium-class property was $275,189, an increase of 3.7 per cent over July 2012. The average sale price of a residential-class property was $381,156, an increase of 6.3 per cent over July 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. "In July, there were 14 properties sold over $1 million," says Lee. "This is an 80 per cent increase in this price range over July 2012. The fact that this many properties were sold over $1 million in July definitely increases the average sale price." There is now a better way in which REALTORS® can determine price trends in the housing market - the MLS® Home Price Index (HPI). Similar to Canada's Consumer Price Index, the HPI measures housing asset price inflation (or deflation). "The HPI has been designed to offer a much more accurate and reliable indication of changes in house value over time," says Lee. "Many of the inconsistencies and inaccuracies of previous models did not allow for true comparison of "apples" to "apples," but this model certainly does. The HPI will be a valuable tool that REALTORS® can add to their toolkit. Buying and selling a home is one of the biggest decisions a person will make in their life, and the HPI can be used to help you get the right price. Contact an Ottawa-area REALTOR® today to help you with buying or selling your house." Courtesy of the Ottawa Real Estate Board.

An upswing in sales for the April market

Members of the Ottawa Real Estate Board sold 1,573 residential properties in April through the Board's Multiple Listing Service® system, compared with 1,568 in April 2012, an increase of 0.3 per cent.



"The Ottawa market is doing well, and gaining ground back since the "cool-down" of the market for the past five months," says Tim Lee, President of the Ottawa Real Estate Board. "We are on par with the strong sales of last April, and the resale market is up 34.9 per cent since last month. With the late onset of warmer weather, the traditional "spring market" saw its upswing a little later this year. With interest rates continuing to be low, Ottawa remains a healthy, stable market."



April's sales included 302 in the condominium property class, and 1,271 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.



The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $371,565, an increase of 2.1 per cent over April 2012. The average sale price for a condominium-class property was $266,596, a decrease of 2.3 per cent over April 2012. The average sale price of a residential-class property was $396,507, an increase of 2.9 per cent over April 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.



The Ottawa Real Estate Board is an industry association of over 2,900 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.

Courtesy of the Ottawa Real Estate Board.

Ottawa Real Estate Market Update: Spring market shows moderating trend

Members of the Ottawa Real Estate Board sold 1,167 residential properties in March through the Board's Multiple Listing Service® system, compared with 1,388 in March 2012, a decrease of 15.9 per cent.

"The Ottawa market has been described as steady and stable for the past few years. It's not going up drastically, and it's not going down drastically," says Tim Lee, President of the Ottawa Real Estate Board. "The market was forecasted to slow down in 2013 as a result of recent mortgage changes, and indeed it has."

"According to chief economists at the Canadian Real Estate Association (CREA) and intelligence garnered from large mortgage lenders, large mortgage brokers, and large real estate brokers, the most recent changes to mortgage rules and guidelines has largely impacted first-time buyers by forcing them to focus on more affordably priced homes. They were, to a much lesser extent, priced out of the market," explains Mr. Lee. "When the changes were first announced, those who were actively shopping had to re-evaluate how much home they could afford to finance. Another factor for the slow-down of the Ottawa market could be the role of public service employment cuts in the local economy. "

March's sales included 253 in the condominium property class, and 914 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $358,102, an increase of one per cent over March 2012. The average sale price for a condominium-class property was $267,604, a decrease of 4.1 per cent over March 2012. The average sale price of a residential-class property was $386,197, an increase of 2.7 per cent over March 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

The Ottawa Real Estate Board is an industry association of over 2,900 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.

Courtesy of the Ottawa Real Estate Board.

Ottawa Real Estate Market Update: Market up from January but down from February 2012.

Members of the Ottawa Real Estate Board sold 914 residential properties in February through the Board's Multiple Listing Service® system, compared with 1,008 in February 2012, a decrease of 9.3 per cent.

"It is clear that the Ottawa resale market has slowed down in comparison to this time last year," says Tim Lee, President of the Ottawa Real Estate Board. "The government was successful in its quest to "cool down" the market. However, if we look at this month's sales, in comparison to last month's sales, the market seems to be picking back up as we approach the busy spring season - 315 more homes were sold in February, over January, even with three fewer days." 

February's sales included 224 in the condominium property class, and 690 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $346,774, a slight decrease of 1.1 per cent over February 2012. The average sale price for a condominium-class property was $264,953, a decrease of 3.1 per cent over February 2012. The average sale price of a residential-class property was $373,337 a slight decrease of 0.6 per cent over February 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

"Even with the slight decline in sales year-over-year, Ottawa continues to be a great place to buy and/or sell your home," says Lee. Talk to an Ottawa area REALTOR® for more information about the housing market outlook where you live, or want to live.

courtesy of the Ottawa Real Estate Board. 

Ottawa Real Estate Market Update:January Sales Drop 11.7% from 2012

Members of the Ottawa Real Estate Board sold 602 residential properties in January through the Board’s Multiple Listing Service® system, compared with 682 in January 2012, a decrease of 11.7 per cent.

“The Ottawa resale market, which started to flatten out in November and December - potentially as a result of the governments’ aim to “cool down” the market – maintained its steadiness into January,” says Tim Lee, President of the Ottawa Real Estate Board.

 “January 2013 isn’t too far off from the numbers we’ve seen in recent years, and although the units sold are a tad lower, Ottawa remains a healthy market.”

An economic summary of expansion in Ottawa by Shore-Tanner and Associates indicated that the rates of growth in residents over the age of 55, and particularly in the formation of single and two-person households, will continue to rise in the coming years. Consequently, these trends indicate that there will soon be a strong demand for small apartments, condominiums, and retirement homes.

“Within some areas of Ottawa, we are already starting to see condo sales on the rise,” says Lee.

January’s sales included 136 in the condominium property class, and 466 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties. The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $342,458, a slight decrease of 1.8 per cent over January 2012. The average sale price for a condominium-class property was $268,604, an increase of 6.1 per cent over January 2012. The average sale price of a residential class property was $364,011 a decrease of 2.5 per cent over January 2012.

Courtesy of the Ottawa Real Estate Board.

Ottawa Real Estate Market Update. 2012 steady as she goes.

Members of the Ottawa Real Estate Board sold 618 residential properties in December through the Board’s
Multiple Listing Service® system compared with 695 in December 2011, a decrease of 11.1 per cent.

The five-year average for December sales is 617. The total number of homes sold through the Board’s MLS® system in 2012 was 14,308, only a minor decrease from the 14,389 homes sold in 2011. However, resale home sales in 2012 were slightly above the fiveyear average of 14,274. The average sales price for 2012 was $351,792, an increase of 2.3 per cent over 2011.

“Looking back at the 2012 market, home sales in the first part of the year increased in comparison to the first half of 2011,” said new President of the Ottawa Real Estate Board, Tim Lee. “However, with the introduction of tighter mortgage rules in July, and looming government layoffs, the market seemed to “cool down” for the second half of 2012. Although the government has succeeded in its plan to “cool down”
the market, Ottawa remains steady and balanced, devoid of large fluctuations in resale activity. We are truly fortunate to live and work in such a stable market area, and it seems buyers and sellers agree that Ottawa remains a great place to call home.”

December’s sales included 134 in the condominium property class, and 484 in the residential property class.
The condominium property class includes any property, regardless of style (i.e. detached, semi-detached,
apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

The average sale price of residential properties, including condominiums, sold in December in the Ottawa
area was $336,591, an increase of 1.3 per cent over December 2011. The average sale price for a
condominium-class property was $258,498, a decrease of 1.5 per cent over December 2011.

The average sale price of a residential-class property was $358,211, an increase of 0.6 per cent over December 2011. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value.

The average sale price is calculated based on the total dollar volume of all properties sold.

courtesy of the Ottawa Real Estate Board.

Ottawa Real Estate Market Update: Slight drop in sales activity.

With the cooler weather, comes a slight "cool down" in the Ottawa resale market. While the average sale price increased, the number of units sold decreased on a year over year analysis. Members of the Ottawa Real Estate Board sold 931 residential properties in November through the Board's Multiple Listing Service® system, compared with 1,023 in November 2011, a decrease of nine per cent. The five-year average for November sales is 890.

"Last year was the best November on record for resale home sales in Ottawa, while this November the sales have come back down to their normal levels," says Ansel Clarke, President of the Ottawa Real Estate Board. "Sales for the first eleven months of the year are at 13,692."

November's sales included 208 in the condominium property class, and 723 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $350,020, an increase of one per cent over November 2011. The average sale price for a condominium-class property was $258,500, a decrease of 2.6 per cent over November 2011. The average sale price of a residential-class property was $376,349, an increase of one per cent over November 2011. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

"Continue to keep in mind that market fluctuations do occur," explains Clarke. "This is why it is important for buyers and sellers to talk to their Ottawa area REALTOR® for more information about the housing market outlook where they live, or want to live. Ottawa remains a great place to buy and/or sell a home."

Courtesy of the Ottawa Real Estate Board.

Ottawa Market Update: Ottawa market picks up as the leaves fall

As the leaves continue to fall in Ottawa, we are seeing an increase in units sold, as well as an increase in average sale price. Members of the Ottawa Real Estate Board sold 1,073 residential properties in October through the Board's Multiple Listing Service® system, compared with 1,059 in October 2011, an increase of 1.3 per cent. The five-year average for October sales is 1,067.




"Compared to the five-year average, Ottawa is right on track, indicating that we are not experiencing a real estate downturn in Ottawa, but a slow, steady incline in units sold and average sale price," notes Ansel Clarke, President of the Ottawa Real Estate Board. "Ottawa continues to be great place to buy and/or sell a home."



October's sales included 237 in the condominium property class, and 836 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.



The Ottawa market continues to be on track historically in regards to the number of sales to date as well. Since 1999 the number of sales through the MLS® System in Ottawa has ranged from a low of 11,329 to a high of 14,783. Sales for the first ten months of the year are at 12,768. Year-to-date average sale price is also up over 2011.



The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $346,492, an increase of 2.5 per cent over October 2011. The average sale price for a condominium-class property was $267,037, an increase of 3.0 per cent over October 2011. The average sale price of a residential-class property was $369,016, an increase of 1.8 per cent over October 2011. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.



"Although the Ottawa market is characterized as stable and steady, there can be pockets of our market where fluctuations, such as larger increases in price, exist," explains Clarke. "This is why it is important for buyers and sellers to talk to their Ottawa area REALTOR® for more information about the housing market outlook where they live, or want to live."

Courtesy of the Ottawa Real Estate Board

Ottawa Real Estate Market Update

September sales historically on track in Ottawa




"There has been a lot of attention recently on the need to "cool" the real estate market across the country," said Ottawa Real Estate Board President, Ansel Clarke. "While there may be a need in some areas, we emphasize that real estate is local, and conditions and prospects will vary among major market areas and indeed within market areas. Historically the Ottawa housing market has not experienced volatility in prices or number of units sold."



"While average price information does not indicate the value of a specific property, it is useful to identify trends," continued Mr. Clarke. "Since 1956 the average price in the Ottawa area has decreased only five times year over year and has increased by 15 per cent or more only five times as well. The Ottawa market can be characterized as stable and steady although there are pockets of our market area where we see larger increases in price."



"As for the number of sales, we are on track this year to match historical levels of activity. Since 1999 the number of sales through the MLS® System in Ottawa has ranged from a low of 11,329 to a high of 14,783. Sales for the first nine months of the year are just under 11,700."



New mortgage rules and continuing uncertainty about job losses in the public service may have contributed to recent decreases in the number of sales through the MLS® System of the Ottawa Real Estate Board. Members sold 993 units in September 2012, down from a near record high of 1,201 in September 2011. The average price of properties sold for the month was $351,585, up from $347,236 last month and $335,623 in September 2011.

Courtesy of the Ottawa Real Estate Board.

Market Update: Ottawa Real Estate

August sales take a mini-vacation




Members of the Ottawa Real Estate Board sold 1,141 residential properties in August through the Board's Multiple Listing Service® system, compared with 1,328 in August 2011, a decrease of 14.1 per cent. The five-year average for August sales is 1,193.



August's sales included 248 in the condominium property class, and 893 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.



"The number of residential properties sold has decreased compared to August 2011, while the average price has slightly increased," indicates Ansel Clarke, President of the Ottawa Real Estate Board. "The new mortgage rules came into effect in early July, and this could be an explanation for the decrease in properties sold. Potential home buyers may be waiting to save a bit more money before purchasing a property. This summer, we also experienced exceptionally hot weather, which may be a factor in the market slow down. This August's sales are still in line with the five-year average, so the Ottawa market remains steady despite a small dip in units sold." Clarke also notes that the total number of year-to-date properties sold is up 2.8 per cent and the average sale price is up 2.2 per cent from this time last year.



The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $346,949, an increase of 2.5 per cent over August 2011. The average sale price for a condominium-class property was $272,367, an increase of 7.6 per cent over August 2011. The average sale price of a residential-class property was $367,661, an increase of 1.7 per cent over August 2011. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

Courtesy of the Ottawa Real Estate Board

Ottawa Real Estate Update: Steady summer sales

Members of the Ottawa Real Estate Board sold 1,366 residential properties in July through the Board's Multiple Listing Service® system, compared with 1,321 in July 2011, an increase of 3.4 per cent. The five-year average for July sales is 1,360.


July's sales included 304 in the condominium property class, and 1,062 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

"The number of residential properties sold has slightly increased compared to July of 2011, while the average price has slightly decreased," notes Joanne Tibbles, Past President of the Ottawa Real Estate Board. "This may be because lower priced properties in certain areas of the city continue to sell quickly, while higher priced or unique properties are taking somewhat longer to sell. Nonetheless, the Ottawa market generally remains stable."

The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $337,518, a slight decrease of 1.2 per cent over July 2011. The average sale price for a condominium-class property was $265,903, a decrease of 1.7 per cent over July 2011. The average sale price of a residential-class property was $358,018, a decrease of 1.4 per cent over July 2011. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

Courtesy of the Ottawa Real Estate Board.

Ottawa Real Estate Market Update: June sales indicate consistency

Members of the Ottawa Real Estate Board sold 1,660 residential properties in June through the Board's Multiple Listing Service® system, compared with 1,719 in June 2011, a decrease of 3.4 per cent.



June's sales included 365 in the condominium property class, and 1,295 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

"Although there is a slight decrease in the number of residential properties sold this June, comparedo June 2011, it seems to be the norm throughout the years," says Ansel Clarke, President of the Ottawa Real Estate Board. "For the past 10 years, with the exception of June 2011, sales have consistently and marginally decreased from May to June. This shows stability in the market, and also represents a continued steady market."

The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $352,800, a slight decrease of 0.1 per cent over June 2011. The average sale price for a condominium-class property was $278,447, an increase of 0.8 per cent over June 2011. The average sale price of a residential-class property was $373,756, a slight decrease of 0.4 per cent over June 2011. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

courtesy of the Ottawa Real Estate Board.

Ottawa Real Estate Market update: May Sales at a High for the Year

Members of the Ottawa Real Estate Board sold 1,896 residential properties in May through the Board's Multiple Listing Service® system, compared with 1,659 in May 2011, an increase of 14.3 per cent.



May's sales included 364 in the condominium property class, and 1,532 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.



"Year-over-year for May, the Ottawa market is experiencing a significant increase in the number of sales, with an accompanying moderate increase in the average sale price," remarks Ansel Clarke, President of the Ottawa Real Estate Board. "The number of sales since the beginning of the year has also been on a steady incline, which coupled with increased inventory and gradual price increases, signifies a continued strong, steady market."



The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $362,837, an increase of 3.2 per cent over May 2011. The average sale price for a condominium-class property was $268,831, an increase of 2.5 per cent over May 2011. The average sale price of a residential-class property was $385,172, an increase of 2.1 per cent over May 2011. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

Courtesy of the Ottawa Real Estate Board.

Ottawa Real Estate Market Update - April proves that Spring has sprung in Ottawa Real Estate.

Members of the Ottawa Real Estate Board sold 1,568 residential properties in April through the Board's Multiple Listing Service® system, compared with 1,530 in April 2011, an increase of 2.5 per cent.




April's sales included 300 in the condominium property class, and 1,268 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.



"Sales in April indicate a steady Ottawa market as we sail through spring," remarks Ansel Clarke, President of the Ottawa Real Estate Board. "Re-sale housing inventory is up by 6.9 per cent since last year, and interest rates continue to be low, indicating that Ottawa remains in a healthy, stable market."



The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $364,077, an increase of 3.7 per cent over April 2011. The average sale price for a condominium-class property was $272,851, an increase of 6.7 per cent over April 2011. The average sale price of a residential-class property was $385,660, an increase of 2.6 per cent over April 2011. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.



Courtesy of the Ottawa Real Estate Board.

Ottawa Real Estate Market Update: Spring has sprung!!

Members of the Ottawa Real Estate Board sold 1,396 residential properties in March through the Board's Multiple Listing Service® system, compared with 1,240 in March 2011, an increase of 12.6 per cent. The five-year average for March sales is 1,276.




March's sales included 277 in the condominium property class, and 1,119 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.



"Along with the increasing temperatures and the arrival of spring, March saw a substantial increase in residential sales," notes Ansel Clarke, President of the Ottawa Real Estate Board. "With interest rates continuing to be low, it is no surprise that the market remains healthy and balanced."



The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $353,684, an increase of 2.1 per cent over March 2011. The average sale price for a condominium-class property was $267,308, an increase of 5.7 per cent over March 2011. The average sale price of a residential-class property was $375,065, a slight decrease of 0.2 per cent over March 2011. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

Courtesy of the Ottawa Real Estate Board

Ottawa Real Estate Statistics for 2011