Summer has proven to be quite balanced in the nation’s capital thus far: the Ottawa Real Estate Board reported no major fluctuations in the housing market over July, following a similarly steady June.
Ottawa saw 1,339 sales in July, compared to 1,376 in July 2012, for a drop of 2.7 per cent. The tally of sales sits just below the five-year average of 1,346.
“Although the number of residential properties, including condominiums, is down since last year, residential-class units sold increased 0.5 per cent from this time last year,” said Tim Lee, President of the Ottawa Real Estate Board in the news release.
The average sale price of residential properties, including condominiums, was $359,551 in July, an increase of 6.6 per cent over the same period last year. The average sale price for a condominium-class property was $275,189, an increase of 3.7 per cent over July 2012. The average sale price of a residential-class property was $381,156, an increase of 6.3 per cent over July 2012.
However, the board pointed out that the overall average was inflated by the sale of a number of high-end properties. Last month, 14 homes with prices tags of more than $1 million changed hands for an 80 per cent jump in that price range over the same month last year.