The slow start to 2013 appears to be a distant memory for the Ottawa housing market after local real estate agents sold 1,445 residential properties in July, the Ottawa Real Estate Board said Thursday.
Not only is this an 8.2 per cent increase over July of last year, it is the second-highest total for the month in recorded history, trailing only July 2009.
The five-year average for July is 1,317 properties.
“Strong sales in the past few months have brought year-to-date sales right on par with 2013,” OREB president Randy Oickle said in a statement. “This year is shaping up to be another strong and stable year for the Ottawa market, despite the lacklustre sales in the first few months of 2014.”
Monthly sales included 262 condominiums and 1,183 homes in the residential property class.
The average condo price was down 5.3 per cent at $261,663, while the average price of residential properties fell 0.8 per cent to $377,791.
Mr. Oickle said the average prices were down because there were six fewer properties sold at a price above $1 million.
“The price range of $300,000 to $349,999 had the highest concentration of properties sold,” he said, “followed by the $350,000 to $399,999 range, then the $400,000 to $449,999 range.”
Mr. Oickle said this shows first-time home buyers are still coming into the market, taking advantage of low interest rates.