Ottawa’s housing market continues to show strength with July home sales above the 5-year average with a 4.3 per cent gain year-over-year.
Data from Ottawa Real Estate Board show 1,491 sales in the month, above the 5-year average of 1,430; despite a significant drop in inventory.
“Sales continue to outpace 2015 numbers both in monthly and year-to-date comparisons,” says Shane Silva, President of the Ottawa Real Estate Board. “However, we are seeing the typical summer slowdown in July compared to June’s record-breaking numbers. Units listed in both residential and condominium property classes have declined throughout the year, which has affected overall inventory levels. The number of active listings at the end of July 2016 is down about 15 per cent compared to July 2015.”
Prices were up slightly with the average sale price of a residential-class property at $398,608, up 1.1 per cent year-over-year while the average sale price for a condominium-class property was $259,794, up 1.2 per cent from a year earlier.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: