The nation’s capital continues to move towards a more balanced market, especially where condos are concerned. According to new numbers released by the Ottawa Real Estate Board, sales were down and prices saw a slight bump in June 2013 compared to the same time in 2012.
In terms of sales, this past month saw a total of 1,662 properties change hands, a decrease of 4.1 per cent compared to the same period last year. Sales of condos saw a more significant dip. The June 2013 sales were 17 per cent lower than 368, the five-year average for June condo sales.
“Although, when you look at residential units sold, without looking at condo sales, the decrease from year to year is only one per cent,” said Ansel Clarke, Immediate Past President of the board, in the news release.
“Inventory on hand had been building up since the beginning of the year, but we’re now starting to see a small decrease, which will bring the Ottawa market into an even more balanced buyer/seller territory.”
The average value of an Ottawa home came in at $359,232, an increase of 1.9 per cent over June 2012. Condos, however, saw a 4.3 per cent dip to $265,410. Houses averaged in at $382,248, an increase of 2.2 per cent from last year.