Condo Sales Help Set New Record for August Unit Sale

Members of the Ottawa Real Estate Board sold 1,538 residential properties in August through the Board’s Multiple Listing Service System, compared with 1,481 in August 2016, an increase of 3.8 per cent. The five-year average for August sales is 1,343.

Condo sales continue to strengthen the Ottawa resale market. These numbers also assisted in setting a new record for the number of units sold in August, pushing August 2016 unit sales into second-place. In comparison to last year the number of condo units sold was up 22.1 per cent, whereas residential units have held steady with a less than one per cent decrease over this time last year.

The number of new listings and inventory levels for the month of August continued their steady downwards trend compared to last year (5,691 versus 7,377). However, prices continue to remain relatively steady, especially in comparison to other markets in Canada. Over the past several years, Ottawa has been more or less on par with inflation rates.

Cumulative days on market have tightened significantly since last year. Residential listings are selling almost 30 per cent faster than this time last year (74 days), and condo units are selling just over 10 per cent fast than last year. Although, keep in mind that while some areas within the Ottawa market are quite active, other areas of the city remain less active.

The average sale price of residential class property sold in August in the Ottawa area was $420,335, an increase of 7.6 per cent over August 2016. The average sale price for a condominium-class property was $270,768, a decrease of 0.4 per cent over August 2016.