Condos lead the market in Ottawa as May sales set record

Home sales in Ottawa were up by almost 20 per cent in May with the condo market showing particular strength.

There were 2,300 homes sold by members of the Ottawa Real Estate Association compared to 1,919 a year earlier and well above the 5-year average of 1,946.

“Not only was May 2017 the best May on record for unit sales, it also surpassed the record for highest unit sales in a single month ever; blowing the previous record out of the water by 315 units,” says Rick Eisert, President of the Ottawa Real Estate Board. “One of the reasons for these stellar numbers can be attributed to the condo market, which has really helped strengthen the whole market over the past several months. This is quite evident in May, where units sold increased by 44.6 per cent over May 2016.”

Tighter inventory and new listings means Ottawa is trending towards a sellers’ market although that has not led to a price spike so far.

The average sale price of a residential-class property sold in May in the Ottawa area was $436,625, an increase of 7.4 per cent over May 2016. The average sale price for a condominium-class property was $270,993, an increase of 2.3 per cent over May 2016.

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