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Ottawa Market Update, August 2014

Posted on: September 9th, 2014 by Chris Scott

The children are back in school – a sure sign that summer is coming to an end!

Members of the Ottawa Real Estate Board sold 1,203 residential properties in August through the Board’s Multiple Listing Service® system, compared with 1,216 in August 2013, a decrease of 1.1 per cent. The five-year average for August is 1,199.  It is normal to have an end-of-summer slow-down and, although sales numbers are down slightly since last year, August’s sales are slightly higher than the five-year average. If we exclude condos, residential units are up four per cent year-over-year.  Average sale price has increased for both the residential and condo class.

The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $360,214, an increase of 3.4 per cent over August 2013. The average sale price for a condominium-class property was $263,996, an increase of 2.7 per cent over August 2013. The average sale price of a residential-class property was $381,628, an increase of 1.9 per cent over August 2013. The $300,000 to $399,999 price range continues to have the highest concentration of properties sold, followed by the $500,000 to $749,999 range – the later range up by 27.4 per cent from last year which may possibly be the contributing factor in the average house price increases this month.

One area of concern is the Ottawa condo market. Sales are down 19% in August compared with 2013. There is lots of inventory available right now. I see sales remaining flat in this segment for the remainder of the year.

Each area, however, is slightly different.  If you are thinking of buying or selling a home, I hope you will feel confident to come to me for assistance.  Real Estate transactions are what I love to do and I would be happy to help you in any way I can.


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