Better supply of properties for sale brings balance to housing market; prices rise steadily

September 3, 2010 : Better supply of properties for sale brings balance to housing market; prices rise steadily

After an HST- influenced dip in sales in July, August saw a return to a more normal number of sales. Members of the Ottawa Real Estate Board sold 1,122 residential properties in August through the Board’s Multiple Listing Service® system compared with 1,211 in August 2009, a decrease of 7.3 per cent.

Of those sales, 266 were in the condominium property class, while 856 were 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 number of sales year-to-date is slightly ahead of last year’s sales for the same period, and last year’s sales volume was the highest ever. This shows the stability of the Ottawa Real Estate Market. ” said Immediate Past President Rick Snell. “The market is in a balanced position in relation to the number of homes for sale and the demand for properties. This is a good market for both buyers and sellers. I expect to see a normal fall market with longer selling times and stable prices,” he added.

The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $321,969, an increase of 2.1 per cent over August 2009. The average sale price for a condominium-class property was $262,999, an increase of 16.8 per cent over August 2009. The average sale price of a residential-class property was $340,294, an increase of 0.1 per cent over August 2009. 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.

The Ottawa Real Estate Board is an industry association of 2,600 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.

The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.REALTOR.ca and www.ICX.ca. Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area and now online at www.OttawaRealEstateGuide.ca.