Steady as she goes for Ottawa Real Estate

Members of the Ottawa Real Estate Board sold 1,133 residential properties in
September through the Board’s Multiple Listing Service┬« system, compared with
1,118 in September 2013, an increase of 1.3 per cent. The five-year average for
September sales is 1,103.

“Our community is fortunate to enjoy one of the
most stable real estate markets in Canada,” says Randy Oickle, President of the
Ottawa Real Estate Board. “This is evidenced by the fact that the units sold and
the average sale price in August and September has stayed within a few
percentage points from the year before. We are also right on par with sales and
average sales price year-to-date compared with 2013.”

September’s sales
included 232 in the condominium property class, and 901 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 $356,915, an
increase of three per cent over September 2013. The average sale price for a
condominium-class property was $254,036, a decrease of 1.2 per cent over
September 2013. The average sale price of a residential-class property was
$383,406, an increase of 3.2 per cent over September 2013. 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.

“The $300,000 to $399,999
price range continues to have the highest concentration of properties sold,
followed by the $500,000 to $749,999 range, which is closely followed by the
$275,000 to $299,999 price range,” explains Oickle. “Condos performed better in
September than in August, which could be a contributing factor in the latter
price range having a higher concentration of properties sold than in the past.”