Busy spring market continues
in June
“The Ottawa market is performing very well
month-over-month and year-to-date compared to last year,” says David Oikle,
President of the Ottawa Real Estate Board. “Year-to-date sales for the first
half of 2015 are up 4.9 per cent over the first half of 2014, and average sale
price continues to be steady for the first half of the year.”
June’s sales included 274 in the condominium
property class, and 1,420 in the residential property class. The condominium
property class includes any property, regardless of style (i.e. detached,
semi-detached, apartment, stacked etc.), which is registered as a condominium,
as well as properties which are co-operatives, life leases and timeshares. The
residential property class includes all other residential
properties.
“Inventory levels at the end of the month
remain healthy and on par with May levels, with average cumulative days on
market keeping steady at 74 days,” says Oikle. “Properties continue to move
consistently, and we look forward to this continuing into the second half of the
year.”
The average sale price of a
residential-class property sold in June in the Ottawa area was $404,254, an
increase of 4.1 per cent over June 2014. The average sale price for a
condominium-class property was $271,415, an increase of 5.1 per cent over June
2014. The Board cautions that average sale price information can be useful in
establishing trends over time but should not be used as an indicator that
specific properties have increased or decreased in value. The average sale price
is calculated based on the total dollar volume of all properties
sold.
“The number of residential units sold in
June increased in every price range from $350,000 and above, and the $300,000 to
$400,000 price range continues to have the highest concentration of properties
sold,” states Oikle. “In addition to residential and condominium sales, OREB
members assisted clients with renting 330 properties in June; 1,485 since the
beginning of the year.”
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