Home Selling

Ottawa Home Sales Hit Record High

Home SellingWe just love when we have the chance to share with you some encouraging news from the Ottawa real estate market and today is one of those days!

According to the Ottawa Real Estate Board, home sales warmed up in July, with the number of sales showing year-over-year increases in July.

This is especially encouraging because the increased market activity suggests that sales so far this year will be on par with 2013, despite a slow start because of a particularly difficult winter.

All The Ottawa Real Estate News You Need

Here’s an overview of the current state of the Ottawa housing market, based on the most recent market data:

  • Members of the Ottawa real estate market sold 1,445 existing homes and condos in July, an 8.2-per-cent increase when compared to the 1,336 sales in July 2013.
  • July was the second strongest July on record, second only to the 1,578 sales of July 2009.
  • Experts say the July sales boost was mostly driven by single, semi-detached and freehold homes.
  • Meanwhile, condominium sales continued to struggle, with sales down 3.3 per cent from July 2013.
  • Meanwhile, when you look at the entire year, condo sales have decreased 6.5 per cent.
  • Comparatively, sales of other housing types are up nearly two per cent.
  • For non-condos, the average sales price so far in 2014 is $389,077, up one per cent from a year earlier.
  • Conversely, the condo average of $262,346 is actually down 1.2-per-cent from the previous year.
  • Across all housing types, the average dropped.8 per cent to $356,735 during the year so far.
  • Despite a drop in June, new home sales are keeping pace with 2013. Specifically, there were 2,111 sales in the first half of 2014, compared to 2,123 a year earlier.
  • In June, however, sales decreased to 315 homes from 381 for the same month last year.

There also was good news in the area of new home construction.

According to a report issued by Statistics Canada, residential permits issued in Ottawa in the first six months of 2013 are up 12.2 per cent.

And if you factor in industrial, commercial and other categories, permit values are up 12.7 per cent.

Seasonally adjusted figures for June show a big, 61.3-per-cent jump in values from a month earlier, with experts crediting this mostly to permits for commercial and institutional projects.

Now’s a Great Time to List Your Ottawa Home!

As you can see, it’s a great time to be an Ottawa home seller! You stand a chance to not only sell your property fairly quickly but also to get an excellent price for it on the local housing market.

So contact us, Geoff and Bobbie McGowan, today to start planning the sale of your home on the local housing market. We would be happy to help!

Until next time,