Sep 10, 2019
Although the real estate market tends to slow down in the summer months, this was not the case in Ottawa. In July, 1,842 residential properties were sold, an increase of 14.8% compared to last year. This trend continued in August with sales of 1,731 residential properties, an increase of 9.5% compared to August 2018.
Throughout the month, Ottawa saw an increased number of residential property listings. While this is a promising increase, it’s not yet enough to keep up with the demand for housing. “In order to bring about a more balanced market, there needs to be at least a three-month supply of listings. Currently, Ottawa is closer to a one-month supply,” said Dwight Delahunt, President of the Ottawa Real Estate Board.
The report also included good news for those interested in the condo market. Thanks to strong condo sales in May and in June, the market is no longer oversupplied and prices have recovered.
Full OREB news release: Hot Market in a Scorching July.
The Ottawa real estate market continued to hold steady during the month of August. While there are a higher number of housing sales in comparison to last year, the Ottawa real estate market still has difficulty maintaining enough inventory.
The report highlights a positive trend in the market. Delahunt states: “Year to date average prices, which are more reliable indicators than monthly average prices, show steady, reasonable, and sustainable increases”.
Full OREB news release: Sizzling Summer Continues into August.
It’s expected that the fall season will be busy for buyers and sellers in the Ottawa real estate market. The condo market is likely to see new housing developments, many of which are planned to be near the Confederation Line.
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