Ottawa Resale Market Becomes More Balanced

Resale Market Becomes More Balanced

For Release  10:00 a.m.  November 2, 2010                   

Members of the Ottawa Real Estate Board sold 1,042 residential properties in October through the Board's Multiple Listing Service® system compared with 1,197 in October 2009, a decrease of 12.9 per cent.  Year to date, the number of properties sold has declined 2% compared to the same period last year, a record setting year.

Of those sales, 221 were in the condominium property class, while 821 were 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.

"Six months ago we were in a strong seller's market, now we have moved into a more balanced market position," said Immediate Past President Rick Snell.  "Some properties are still receiving multiple offers but this is happening much less often than was the case in the spring."

The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $340,719, an increase of 6.8 per cent over October 2009. The average sale price for a condominium-class property was $263,292, an increase of 13.4 per cent over October 2009. The average sale price of a residential-class property was $361,560, an increase of 5 per cent over October 2009. 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.

Stephen George

Stephen George

CENTURY 21 Action Power Team Ltd., Brokerage*
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