Home Buying

Ottawa is Entering a Home Buyers Market, Report Indicates

Ottawa Home Buying 2The latest real estate data is in and it seems to suggest that the city of Ottawa is entering a home-buyer’s market phase.

That’s according to a recent report from the Ottawa Real Estate Board.

This has implications for both home buyers and home sellers. So if you’re thinking about entering the market anytime soon, please take a moment to learn about these recent trends.

Ottawa Real Estate Board Shares Valuable Market Statistics

Here are the highlights of the recent report from the Ottawa real estate board:

  • Board Members sold 1,121 residential properties in October, compared with 1,089 in October 2013.
  • That’s up 2.9 per cent year-over-year.
  • What’s more, it’s much higher than the five-year average for October, which is 1,076.
  • Experts note that the only October on record that beat this October for volume of sales was 2009, when OREB members sold 1,199 properties.
  • There were 7,550 active listings at the end of October, up 12.5 per cent from the same time last year.
  • During the month of October, sales broke down to 927 in the residential property class and 194 condominiums.
  • When considering all sales, the average sale price was $355,813, down 1.2 per cent from October 2013.
  • The average condo price was $290,224, up 7.3 per cent from last year.
  • The average residential property went for $369,540, down 3.2 per cent from a year ago.

Are You Ready to Enter the Ottawa Housing Market?

If so, you are now equipped with some of the most up-to-date information on the local housing market. This will carry you a long way when it comes to helping you make informed decisions as a Ottawa home buyer or seller.

But to become even better prepared for a successful real estate outcome in Ottawa, it pays to work with an experienced real estate expert. By doing so, you’re instantly connect with years of expertise as well as valuable resources.

So contact us, Geoff and Bobbie McGowan today to learn how we can assist you with your personal Ottawa real estate goals. We would love to assist you!

Until next time,

Bobbie