The Ottawa real estate market had a busy summer season
OREB released its last report for the summer sales.
It appears that the Ottawa real estate industry had its hands full this summer as the Ottawa Real Estate Board reports in their past release.
The market saw an increase of 3.3% this past August compared to last year’s. By selling 1,586 residential properties, the number is also above the five-year average. The figures indicate a busy season summer and predict an equally busy fall season ahead.
Condos are still strong in Ottawa with a 10.9% increase from August 2017. According to the OREB, one of the reasons behind this increase is a scarcity of rentals. On the other hand, this is taking care of an oversupply in the condo market.
Overall, the city of Ottawa is held as an affordable market. Despite growing home prices and a shortage on inventory, the capital city continues to be a place to buy real estate as inflation has kept up with the sales price increase.
What is Ottawa’s advantage? That within a 30-minute drive there are countless opportunities to buy property. Whether it’s in Barrhaven or Orleans, there are single-family homes with reasonable prices and great neighbourhoods.
Read OREB's statement here.