December 2016 Ottawa real estate sales increased by 1.7 percent from December 2015, with a total of 715 residential properties sold. Of those sales, 550 of them were residential, and 165 of them were condominiums.
According to the president of the Ottawa Real Estate Board (OREB) Rick Eisert, “The listing inventory for both residential and condos trended lower all year, however units sold trended higher most months, outpacing 2015 by a fair margin. Cumulative days on market increased to 123 days in December, while the average for the year stayed steady at 91 days. Average residential sale prices remained virtually unchanged over last year, however we are seeing an increase in December compared to 2015, which could be a result of a higher concentration of properties sold in the $500,000 and up range.”
The sale price of residential homes has increased from last December by 8.7 percent, with an average of $420,750 in December 2016. Condominium prices have also seen an increase of 4.9 percent from last December, with an average of $262,698 in December 2016.