From the blog...
Ottawa Market Update, 2013
Happy 2014 to everyone! While the temperature outside is on the “cool” side, the Ottawa real estate market remains steady and balanced. Ottawa truly is a great place to call home.
Looking at the whole of 2013, the number of homes sold through the Board’s MLS® system was 13,873, compared with 14,326 in 2012, a decrease of 3.2 per cent. The average sale price for residential properties, including condominiums, sold in 2013 was $357,348, an increase of 1.6 per cent over 2012. In the first part of 2013, home sales were down compared to the year before – partly due to tighter mortgage rules. As the year progressed, however, the market began to pick up and then leveled out in November and December. Impending mortgage rate increases may be partly responsible for the increase in the second half of 2013 as many first-time buyers jumped into the market in advance of these increases.
Members of the Ottawa Real Estate Board sold 610 residential properties in December through the Board’s Multiple Listing Service® system, compared with 615 in December 2012, a decrease of less than one per cent. The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $340,021, an increase of 0.9 per cent over December 2012. The average sale price for a condominium-class property was $245,349, a decrease of 5.1 per cent over December 2012. The average sale price of a residential-class property was $369,543, an increase of three per cent over December 2012.
If you are interested in knowing what your property might be worth – or even the one down the street – or have any other real estate related questions, I would be happy to help.
Chris