Our real estate market has had a busy summer and things are shaping up for a busy fall period as well.
Members of the Ottawa Real Estate Board sold 1,586 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,535 in August 2017, an increase of 3%. The five-year average for August sales is 1,417.
The average sale price of a residential-class property sold in August in the Ottawa area was $433,684, an increase of 3.1% over August 2017. The average sale price for a condominium-class property was $276,720, an increase of 2.2% from August 2017. The demand for condos continues to be a driving factor in the Ottawa real estate market, likely due to the lack of rental availability.
Ottawa continues to be an affordable place to buy property and is experiencing sensible price growth more in line with inflation. Our inventory is very low (18% below 2017 levels) but prices haven’t been significantly affected by this - perhaps due to the many nearby communities offering reasonably priced single-family homes.
Every area is different, so do give me a call if you are thinking of buying or selling. I appreciate your referrals - they contribute greatly to the success of my business.