Condo sales drive the Ottawa resale market in July

Members of the Ottawa Real Estate Board sold 1,530 residential properties in July through the Board's Multiple Listing Service System, compared with 1,490 in July 2016, an increase of 2.7 per cent. The five-year average for July is 1,446.

Year to date, there have been 10,825 properties sold on MLS compared to 9,771, an 11.8 percent increase.

The Ottawa resale market continues its steady pace into mid-summer, with condo sales really bolstering the market this past month, a continuing positive trend since February.

July's sales included 332 in the condominium property class, (an increase of over 19 percent compared to July 2016) and 1,198 in the residential property class. The number of new listings coming onto the market continues to be on the lower end of the five-year average, especially where residential units are concerned.

Cumulative days on market has been holding pretty steady throughout the course of 2017. However, when compared to numbers from 2016, residential properties in July 2017 are selling almost 22 percent faster (average days on market is 62) and condos just over 11 percent faster (average days on market is 90) than July of last year.

The average sale price of a residential-class property sold in July in the Ottawa area was $420,335, an increase of 5.3 percent over July 2016. The average sale price for a condominium-class property was $267,641, an increase of 2.8 percent over July 2016. The average list price to sell ratio is approximately 98.1.