Condo Sales Slower in Ottawa this Spring

Members of the Ottawa Real Estate Board sold 1,804 residential properties in May
through the Board’s Multiple Listing Service® system, compared with 1,890 in May
2012, a decrease of 4.6 per cent. The five-year average for May sales is
1,802.

“The Ottawa market is still on par with average sales since 2009,
and 233 more properties were sold than the month before,” says Ansel Clarke,
Immediate Past President of the Ottawa Real Estate Board. “Residential units are
faring well in comparison to condominiums, where the average sale price is down
2.3 per cent, and units sold are down 9.9 per cent. Residential bungalows and
two-story homes comprised the majority of properties sold in May.”

May’s
sales included 326 in the condominium property class, and 1,478 in the
residential property class. The condominium property class includes any
property, regardless of style (i.e. detached, semi-detached, apartment,
townhouse, etc.), which is registered as a condominium, as well as properties
which are co-operatives, life leases and timeshares. The residential property
class includes all other residential properties.

The average sale price
of residential properties, including condominiums, sold in May in the Ottawa
area was $370,501, an increase of 2.1 per cent over May 2012. The average sale
price for a condominium-class property was $262,467, a decrease of 2.3 per cent
over May 2012. The average sale price of a residential-class property was
$394,331, an increase of 2.3 per cent over May 2012. The Board cautions that
average sale price information can be useful in establishing trends over time
but should not be used as an indicator that specific properties have increased
or decreased in value. The average sale price is calculated based on the total
dollar volume of all properties sold.

“Even with the slight decline in
sales year-over-year, Ottawa continues to be a great place to buy and/or sell
your home,” says Clarke. “Interest rates continue to be low, and there is a wide
variety of inventory on hand. Talk to an Ottawa area REALTOR® for more
information about the housing market outlook where you live, or want to
live.”