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Ottawa Market Update for January, 2013

Posted on: February 5th, 2013 by Chris Scott

Members of the Ottawa Real Estate Board sold 602 residential properties in January through the Boards Multiple Listing Service® system, compared with 682 in January 2012, a decrease of 11.7 per cent.

“The Ottawa resale market, which started to flatten out in November and December  maintained its steadiness into January,” says Tim Lee, President of the Ottawa Real Estate Board. “January 2013 isn’t too far off from the numbers we’ve seen in recent years, and although the units sold are a tad lower, Ottawa remains a healthy market.”

An economic summary of expansion in Ottawa by Shore-Tanner and Associates indicated that the rates of growth in residents over the age of 55, and particularly in the formation of single and two-person households, will continue to rise in the coming years. Consequently, these trends indicate that there will soon be a strong demand for small apartments, condominiums, and retirement homes.

The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $342,458, a slight decrease of 1.8 per cent over January 2012. The average sale price for a condominium-class property was $268,604, an increase of 6.1 per cent over January 2012. The average sale price of a residential-class property was $364,011 a decrease of 2.5 per cent over January 2012.

If you are curious to know what is happening in your neighbourhood, please give me a call!


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