Ottawa housing market steady in July: OREB

Sales in July were a near carbon copy of the same month in 2014 for members of the Ottawa Real Estate Board, its president said Thursday.

“Last July was the second best on record, and this July was only four units short of that record, coming in well above the five-year average,” David Oikle said in a statement.

Board members sold 1,436 residential properties last month, well above the five-year average of 1,380.

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“Overall, the Ottawa resale market has been performing quite wellm with no major fluctuations in units sold and average sale price,” Mr. Oikle said.

OREB members sold 1,165 residential class properties and 271 condominiums in July.

Mr. Oikle called the slight increase in condo sales a “positive change.” With inventories remaining high, he said Ottawa is still a buyer’s market.

The average residential class property sold for $394,889 in July, up 4.5 per cent from a year earlier. The average price of condo fell 2.6 per cent to $255,102.

Mr. Oikle said the $300,000 to $400,000 price range continues to see the most activity, followed by the $200,000 to $300,000 and $400,000 to $500,000 ranges.

“Two-storey residential properties continue to have the highest concentration of buyers in Ottawa,” he said.

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