Ottawa housing market warms up in July

Members of the Ottawa Real Estate Board sold 1,326 residential properties in July through the Board’s Multiple Listing Service® system compared with 1,116 in July 2010, an increase of 18.8 per cent. The five-year average for July sales is 1,377.

The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $341,330, an increase of 6.2 per cent over July 2010. The average sale price for a condominium-class property was $270,933, an increase of 11.3 per cent over July 2010. The average sale price of a residential-class property was $362.539, an increase of 4.8 per cent over July 2010.

“What a difference a year makes. Last summer the real estate market was reeling from the implementation of the HST that saw many buyers and sellers move up their purchases to the winter and early spring. 2011 is a different story, one that looks a lot more like the average year for Ottawa’s resale housing market,” said Board President-Elect  Ansel Clarke.

With particular reference to single level condominium apartments, MLS statistics for July 2011 show a total of 148 sales of apartments while in July 2010 the total was 97. July 2011’s average sale price was $295,206, an increase of 7.3 per cent over the previous July. Of course these figures are averages for the entire city.  If you would like more specific statistical information, just call me.

Our fine summer isn’t over yet and although normally we expect a bit of slow-down while the buyers and sellers enjoy their vacations, the real estate market is thriving. I am extremely busy. I fully expect it to continue into September.

Don’t hesitate to call me for an informal chat if you have any questions.