Condo sales continued to drive the Ottawa resale market in September, according to the latest report from the Ottawa Real Estate Board (OREB).
Sales of condominiums in September increased more than 15 per cent over the same month in 2016, the board reports. That compares to a decrease of 1.8 per cent in other properties.
So far this year, condo sales have jumped more than 23 per cent compared to the same period last year. Other properties have grown by a more modest 6.6 per cent.
“We are seeing no slowdown in the condo market,” said OREB president Rick Eisert in a statement. “The boost in condo sales has impacted our year-to-date unit sale figures and is putting us on track for a strong year-end finish.”
In total, members of the board sold 1,387 residential properties in September through OREB’s Multiple Listing Service® System compared with 1,365 in September 2016. That’s an increase of 1.6 per cent. The five-year average for September sales is 1,250.
Prices slip but still robust
Prices in September dropped from August levels but were still up over the same period last year. The average sale price of properties other than condos was $416,464. That was down from $420,335 the previous month but still up more than 8 per cent compared to the same period in 2016.
Condos averaged $261,548 in September, down from $270,768 in August but almost 4 per cent higher than the same month last year.
Open houses bustling
Inventory levels are tighter than this time last year, said Eisert, and that’s had an impact on open houses. Realtors “are reporting substantial increases in attendance at open houses over the past few months. The low inventory and the late summer weather have certainly contributed to this increased traffic.”
Eisert said he expects the resale market to return to a normal level of activity during the fall after a gang-busting spring and summer set new sales records.
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