May Home Sales at a High for the Year in Ottawa

Members of the Ottawa Real Estate Board sold 1,896 residential properties in May through the Board’s Multiple Listing Service┬« system, compared with 1,659 in May 2011, an increase of 14.3 per cent.

May’s sales included 364 in the condominium property class, and 1,532 in the residential property class.

“Year-over-year for May, the Ottawa market is experiencing a significant increase in the number of sales, with an accompanying moderate increase in the average sale price,” remarks Ansel Clarke, President of the Ottawa Real Estate Board. “The number of sales since the beginning of the year has also been on a steady incline, which coupled with increased inventory and gradual price increases, signifies a continued strong, steady market.”

The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $362,837, an increase of 3.2 per cent over May 2011. The average sale price for a condominium-class property was $268,831, an increase of 2.5 per cent over May 2011. The average sale price of a residential-class property was $385,172, an increase of 2.1 per cent over May 2011.