Our community is fortunate to enjoy one of the most stable real estate markets in Canada. Overall the Ottawa real estate numbers for September are right in line with 2013′s. Condos are the only segment that is struggling a little bit right now. Inventory in this segment remains very high. This is putting downward pressure on prices.
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. September’s sales included 232 in the condominium property class, and 901 in the residential property class.
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. Condos performed better in September than in August. 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.
Each area, however, is slightly different. If you are thinking about a move, please do give me a call.