“It is clear that the Ottawa resale market
has slowed down in comparison to this time last year,” says Tim Lee, President
of the Ottawa Real Estate Board. “The government was successful in its quest to
“cool down” the market. However, if we look at this month’s sales, in comparison
to last month’s sales, the market seems to be picking back up as we approach the
busy spring season – 315 more homes were sold in February, over January, even
with three fewer days.”
February’s sales included 224 in the
condominium property class, and 690 in the residential property class. The
condominium property class includes any property, regardless of style (i.e.
detached, semi-detached, apartment, stacked etc.), which is registered as a
condominium, as well as properties which are co-operatives, life leases and
timeshares. The residential property class includes all other residential
properties.
The average sale price of residential
properties, including condominiums, sold in February in the Ottawa area was
$346,774, a slight decrease of 1.1 per cent over February 2012. The average sale
price for a condominium-class property was $264,953, a decrease of 3.1 per cent
over February 2012. The average sale price of a residential-class property was
$373,337 a slight decrease of 0.6 per cent over February 2012. The Board
cautions that average sale price information can be useful in establishing
trends over time but should not be used as an indicator that specific properties
have increased or decreased in value. The average sale price is calculated based
on the total dollar volume of all properties sold.
- Ottawa Real Estate Board
