Ottawa’s real estate market set another record in December as the average resale price surpassed $420,000 for the first time, according to realtor statistics.
The previous record was $411,791, set in May 2015, according to OBJ records.
The Ottawa Real Estate Board, which released its December statistics Thursday, attributed the increase to a higher concentration of homes sold for more than $500,000.
OBJ360 (Sponsored)
Investing in the next generation: Ottawa businesses encouraged to build futures through mentorship
Do you remember the mentor in your life who helped shape your career? In the business world, success often depends on the connections we build, fuelled by guidance and support
World Junior Championships set to boost Ottawa’s economy and global reputation
The World Junior Championships will kick off in Ottawa in December, bringing tens of millions of dollars of economic activity to the city, as well as a chance for local
Before it was even over, 2016 was guaranteed to be a record-setting year for Ottawa’s real estate market.
By November, local realtors had already set a new high for the number of homes sold in a single calendar year.
That didn’t stop the industry from ending a year with a bang by selling 715 homes in December, a new record for the month.
In total, Ottawa realtors sold 15,537 homes last year, a six-per-cent increase over 2015. The previous five-year average was 14,232 sales, according to OBJ records.
“No matter what is said in the history books about 2016, it proved overall to be a great year for Ottawa real estate,” said OREB president Rick Eisert in a statement. “The monthly unit sale performance in 2016 was often bolstered by a strengthened condo market which recorded increases over 2015 for much of the year.”