The President of the Ottawa Real Estate Board, Ralph Shaw stated that the real estate market in Ottawa has performed well as the number of residential sales so far has almost matched the number of residential sales that occurred during the same time period last year. Sales of condo units increased by 16.8 per cent over the same period.
Statistics indicate that realtors from the Ottawa Real Estate Board sold 2,070 homes last month. This number represents a 4.3 per cent decrease in comparison to the same period last year. There were 2,163 residential properties sold in June 2017.
Ralph Shaw mentioned that condo units under $300,000 are competitively priced compared to rent. This has many people looking to purchase a property because they are not able to find what they are looking for in the rental market.
The average sale price of a condo unit last month was $293,303. This figure represents a 1.2 per cent increase from an year earlier. Condo units are remaining on the market for an average of 52 days. In June 2017, condo units remained on the market for an average of 71 days.
The average days on market for residential homes dropped by 18 per cent. The average days on market for residential homes is 37 days. An year ago, the average days on market was 47 days.
Ottawa Real Estate Board President Ralph Shaw explained that the decline in days on market for properties reveal that inventory is turning over more rapidly likely due to the lack of available inventory in some areas of Ottawa.
Ralph Shaw mentioned that affordability in Ottawa is remarkable due to 3% mortgage rates. Home Buyers can purchase a home for the average price.