Ottawa market heats up as fall settles in – September stats

Members of the Ottawa Real Estate Board sold 1,119 residential properties in
September through the Board’s Multiple Listing Service® system, compared with
995 in September 2012, an increase of 12.5 per cent. The five-year average for
September sales is 1,121.

“As a result of the new mortgage rules
introduced last summer, we saw continuous decreases in units sold in the first
half of 2013. Since July 2013, the Ottawa resale market has started to heat up
again,” says Tim Lee, President of the Ottawa Real Estate Board. “The number of
residential and condo units sold has increased since last year. Condo units sold
are up 15 per cent, while residential units sold are up 11.8 per cent. Also,
impending mortgage rate increases may be causing many first-time home buyers to
buy now before the rates increase.”

September’s sales included 245 in the
condominium property class, and 874 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 September in the Ottawa area was $346,342, a decrease of
1.2 per cent over September 2012. The average sale price for a condominium-class
property was $257,059, a decrease of 3.4 per cent over September 2012. The
average sale price of a residential-class property was $371,370, a decrease of
0.5 per cent over September 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.

“As Ottawa and surrounding areas continue to grow
and expand, Ottawa continues to be a healthy, balanced market,” says Lee. “Talk
to an Ottawa-area REALTOR® today for help with buying and/or selling a home. We
do the homework so you don’t have to.”