While numbers in some other Canadian cities have shown weakness since May, the Ottawa resale market in July 2017 continues to be healthy, according to the Ottawa Real Estate Board. Members of the board sold 1,530 homes last month, up from 1,490 in the same month last year and comfortably above the five-year average of 1,446.
Year to date, resale housing volume is up almost 12 per cent compared to the same period in 2016, thanks in large part to a robust condo market.
By contrast, national homes sales were down 6.7 per cent from May to June, the last period for which numbers are available.
In Ottawa, condos accounted for more than 21 per cent of July’s sales. That market has been in a slump for the past few years because of overbuilding, and some owners had resorted to renting their units out when they were unable to sell them, said OREB president Rick Eisert in a news release. But condo sales began picking up this past February and now stand at almost one-third more than last year.
“Now as rental leases are coming due, combined with evidence of stronger condo sales, these owners are placing these units back on the market for sale,” said Eisert.
Inventory down, prices up
Although inventory levels have been declining this year, there remains a good selection of properties, especially in the condo market, said Eisert.
The average price of a non-condo property in July was $420,335. That’s down substantially from $434,502 in the previous month but still up from $399,112 in July of 2016. The average sale price for a condominium was $267,641.