The Ottawa market is thriving – after all, it is an affordable and desirable place to live. Members of the Ottawa Real Estate Board sold 2,162 residential properties in June through the Board’s Multiple Listing Service® System, compared with 1,985 in June 2016, an increase of 8.9 per cent. The five-year average for June sales is 1,818. Year-to-date sales numbers for the first half of the year are up in both the residential and condo property classes, combined coming in at a 13.5 per cent increase over the same time period in 2016.
There has also been a rise in the lifestyle market with 46 over $1 million residential and/or condo units sold in June, and 171 units over $1 million sold since the beginning of the year – more than double the amount sold in 2016. Home buyers are looking beyond their basic needs to check off more boxes from their wish lists such as view, downtown location, or acreage property.
The average sale price of a residential-class property sold in June in the Ottawa area was $434,502, an increase of 8.8 per cent over June 2016. The average sale price for a condominium-class property was $289,905, an increase of 9.4 per cent over June 2016.
Since each neighbourhood is slightly different, if you are thinking of buying or selling, please do give me a call. I'm always happy to help.