As you probably know, it was a hot July! And it didn’t cool down in August. In fact, temperatures went up! And no, I’m not talking about the weather although this could apply to it as well! We’re talking about the hot Ottawa real estate market in August 2016!
Here’s what happened in the Ottawa real estate market in August.
1,484 residential properties were sold by members of the Ottawa Real Estate Board this past August 2016. This is compared to 1,276 that were sold in August 2015. These numbers show an increase of 16.3 percent so we can certainly see that compared to last August 2015, sales are up, up, and away!
August’s sales included 295 in the condominium property class, and 1,189 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, 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 the number of units sold for both residential and condominium property classes is higher this year, listings have continue to decline. For buyers this means there are less options out there for them. This points to a sellers’ market.
Notably, the market continues to be extra hot for freehold residential homes in the $300,000 to $400,000 range and for condominiums in the $200,000 to $300,000 range.
Click here to see the latest news release from the Ottawa Real Estate Board (OREB).