How’s the housing market in Ottawa?

How’s the housing market?
OTTAWA, July 5, 2012 – Members of the Ottawa Real Estate Board sold 1,660 residential properties in June through the Board’s
Multiple Listing Service® system, compared with 1,719 in June 2011, a decrease of 3.4 per cent.
June’s sales included 365 in the condominium property class, and 1,295 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
“Although there is a slight decrease in the number of residential properties sold this June, compared to June 2011, it seems to be the norm throughout the years,” says Ansel Clarke, President of the Ottawa Real Estate Board. “For the past 10 years, with the exception of June 2011, sales have consistently and marginally decreased from May to June. This shows stability in the market, and also represents a continued steady market.”
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $352,800, a slight
decrease of 0.1 per cent over June 2011. The average sale price for a condominium-class property was $278,447, an increase of 0.8 per cent over June 2011. The average sale price of a residential-class property was $373,756, a slight decrease of 0.4 per cent over June 2011. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
June sales indicate consistency in the Ottawa market
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The Ottawa Real Estate Board is an industry association of over 2,800 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Ontario and Canadian Real Estate Associations.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect
the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at
http://www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at http://www.REALTOR.ca and http://www.ICX.ca.
Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of
services they provide (MLS®).

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