October 2016 Ottawa real estate sales increased by 4.7 percent from October 2015, with a total of 1,214 residential properties sold. Of those sales, 957 of them were residential, and 257 of them were condominiums.
According to the president of the Ottawa Real Estate Board (OREB) Shane Silva, “The new mortgage rules announced at the beginning of October have yet to have an effect on the Ottawa market, as the announcement only came two weeks prior to implementation. It’s too early to tell what kind of impact the new mortgage rules will have on the Ottawa market going forward. We know that right now Ottawa continues to be a desirable city to live and work, and consumer confidence and job growth remain positive.”
The sale price of residential homes has increased from last October by 3.3 percent, with an average of $392,579 in October 2016. Condominium prices have also seen an increase of 0.1 percent from last October, with an average of $251,465 in October 2016.
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