Ottawa home sales surpass $500K average price for first time: OREB

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Ottawa’s housing market passed a symbolic milestone in June, as the average sale price of a home in the capital surpassed $500,000 for the first time ever.

Residential-class properties sold at an average of $500,716 last month according to the Ottawa Real Estate Board, an increase of 11.6 per cent year-over-year. Condo sales were up 6.2 per cent to an average $308,482.

OREB president Dwight Delahunt said in a statement that competition for homes is “brisk” in Ottawa, a trend he expects to continue with Ottawa’s strong employment and growing population – now past the one-million mark.

Members of the OREB sold a total of 2,105 properties in June, up two per cent year-over-year. Residential-class sales totalled 1,612 – on par with 2018 figures – while 493 condos traded hands last month, an increase of 8.8 per cent from last year. Delahunt said condo sales have been driving market activity in the first half of 2019.

Properties in the $350,000-$499,999 price range accounted for 43 per cent of residential sales in Ottawa last month, with 29 per cent falling in the $500,000-$749,999 range. Some 55 per cent of condo units sold in the $225,000-$349,999 range in June.