August 2016 Ottawa real estate statistics increased by 16.3 percent from August 2015, with a total of 1,484 residential properties sold. Of those 1,484 sales, 1,189 of them were residential, and 295 of them were condominiums.
According to the president of the Ottawa Real Estate Board (OREB) Shane Silva, “To date, this has been a record-breaking year for units sold. The year started off a little sluggish, but as soon as April hit we were either breaking records, or outpacing the year before considerably. Not only are we up 16.3 per cent over last year, this has also been the best August on record ever for OREB Members, blowing the average for August sales out of the water. This is a-typical of August when units sold normally start to decline approaching the fall.”
The sale price of residential homes has increased from last August by 2.5 percent, with an average of $389,786 in August 2016. Condominium prices have also seen an increase of 11.1 percent from last August, with an average of $272,166 in August 2016.