Ottawa resale market proves strong in first half of 2017

Members of the Ottawa Real Estate Board sold 2,162 residential properties in June through the Board’s Multiple Listing Service System, compared with 1,985 in June 2016, an increase of 8.9 per cent. The five-year average for June sales in 1,818.

Interestingly, there were 46 units sold over $1 million in June, and 171 unit over $1 million sold since the beginning of the year. Both numbers are more than double the amount sold last year.

The average sale price of a residential-class property sold in June in the Ottawa area was $434,502, an increase of 8.8 per cent over June 2016. The average sale price for a condominium-class property was $289,905, an increase of 9.4 per cent over June 2016.

The most active price point in the residential market continues to be the $300,000 to $399,999 range, accounting for 35.1 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 50.8 per cent of the market.

The average days on market for a home to sell at the end of June was 67 days. The total number of homes for sale was 6,179 which represents over 25 per cent less than this time last year. On average, the list sale to sale return remains unchanged from last month at 98 per cent.