Unlike the weather, Ottawa’s resale market in August 2017 sizzled, thanks largely to condos.
The Ottawa Real Estate Board reports that members sold 1,538 residential properties last month through the board’s Multiple Listing Service (MLS) compared to 1,481 in August 2016. That’s an increase of 3.8 per cent over last year and far above the five-year average of 1,343 properties for the month.
Continuing the strong sales pattern of recent months, August’s figures mean that, year-to-date, resale numbers are 10.7 per cent higher than they were for the same period in 2016.
Condos out front
Condo sales in Ottawa, which have taken off over the past few months after a multi-year slowdown, continued to lead the charge in August, increasing 22.1 per cent compared to the same month last year, reports OREB. “These numbers also assisted in setting a new record for the number of units sold in August, pushing August 2016 unit sales into second place,” said OREB president Rick Eisert in a statement.
Sales of other residential properties held fairly steady in August, declining by a little less than one per cent compared to August 2016.
Overall, Ottawa resale numbers compare favourably with some other cities, including Toronto, where sales have tumbled since the spring. That’s when the provincial government introduced measures, including a 15-per-cent speculation tax on non-resident buyers, meant to cool an overheated market. Sales in Toronto plummeted almost 35 per cent in August compared to the same month in 2016, according to the Toronto Real Estate Board.
Prices also strong
While condos led the Ottawa sales numbers last month, it was other properties that saw the gain in prices. Those other properties sold for an average of $420,335, an increase of 7.6 per cent over the $390,775 that they fetched in August 2016.
Condo sales, by contrast, declined 0.4 per cent, from $271,854 in August 2016 to $270,768 last month.
Year-to-date, OREB reports that condo prices are up 4.6 per cent over the same period last year, while other residential properties have jumped 7 per cent.
Properties selling quickly
Eisert said that the number of days a home is on the market has shrunk since last year. “(Non-condo) listings are selling almost 30-per-cent faster than this time last year, and condo units are selling just over 10-per-cent faster than last year.”
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