The Ottawa housing market is showing signs of stabilizing but September ended the third quarter on a high.
Ottawa Real Estate Board members sold 1,387 homes during the month, up 1.6% year-over-year with the condo market remaining especially strong.
Sales have been increasing in this property class since February, with the average increase per month coming in at 25.5 per cent,” says Rick Eisert, President of the Ottawa Real Estate Board. “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.”
Inventory levels tightened in September and average selling prices were up more than 8% year-over-year to $416,464 for residential class homes; and up almost 4% for condominium-class to $261,548.
“The Ottawa market is showing signs of stabilizing after the record-setting spring and summer. All indications suggest that it will be a typical selling season heading into the fall,” says Eisert. “Although properties continue to sell much faster in comparison to this time last year, our market is still balanced, though trending toward a Sellers’ market.
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