Members of the Ottawa Real Estate Board sold 1,895 residential properties in June through the Board's Multiple Listing Service system compared with 1,685 in June 2008. This is an increase of 12.5 percent. Listing inventory is at a very low level, which has led to competitive bidding on many properties.
Of those sales, 418 were in the condominium property class, while 1,477 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detatched, semi-detatched, apartment, 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.
"This is the third consecutive record setting month this year and the fourth month where sales exceeded the previous year's sales," said Board President Rick Snell. "Year-to-date sales as of the end of June are up one percent over the same time period in 2008. We have seen a strong recovery from the slow start to this year," he added.
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $306,924, an increase of 3 percent over June 2008. The average sale price of a condominium-class property was $236,830, an increase of 2.5 percent over June 2008. 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 volume of all properties sold.
Source: The Ottawa Real Estate Board