From the blog...

The Ottawa Market

It’s hard to believe we got off to a quiet start this year. The market has been so hot as of late. We have had some record-breaking months in units sold. August was another hot month. There were 1484 homes sold in August – a 16.4% increase over the same month last year. This represents the best August on record for the Ottawa Real Estate Board.

The average price of a residential property is up 2.5% compared to August of last year. For August we were at $389,786.

Condos made a big jump last month compared to August of last year. Condo prices are up 11%. The average price of a condo in Ottawa for August was $262,166.

These stats are monthly. This past month there were more than usual 1 million+ homes sold which could account for some of these increases.

It is an interesting market. On the one hand you have all of these positive statistics and then I look at the average time on market. The average home is taking 92 days to sell. That is up 34% from August last year. For condos it is taking even longer to sell at 106 days on market – up 12%.

There is more competition on the market right now. Lots of inventory with builders – especially downtown condos. I predict a strong finish to the year.

By the way – Ottawa was just named the 2nd best city in Canada to raise a family!

Chris