From the blog...
Ottawa Market Update for August 2012
August was a bit slow compared to July, but still in line with the five-year average. Even with fewer properties sold, the average price continues to increase. Members of the Ottawa Real Estate Board sold 1,141 residential properties in August through the Board’s Multiple Listing Service® system, compared with 1,328 in August 2011, a decrease of 14.1 per cent. The five-year average for August sales is 1,193.
Why the slight decrease in sales? The new mortgage rules that came into effect in July could have some people waiting to save a bit more money before purchasing. The exceptionally hot weather could also have been a factor in the market slow down. The Ottawa market remains steady with the total number of year-to-date properties up 2.8 per cent and the average sale price up 2.2 per cent from this time last year.
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $346,949, an increase of 2.5 per cent over August 2011. The average sale price for a condominium-class property was $272,367, an increase of 7.6 per cent over August 2011. The average sale price of a residential-class property was $367,661, an increase of 1.7 per cent over August 2011.
Every neighbourhood is slightly different so if you are interested in knowing the value of your property on today’s market, please give me a call. I’m always happy to help.
Chris