After months of middling or declining home sales, Ottawa saw a significant boost in August according to the Ottawa Real Estate Board (OREB). The city recorded 1,219 transactions, a 6.5 per cent jump over August 2012. The numbers were in line with five-year average for August sales, which sits at 1,202.
“It has been one year since the Canadian Government introduced the new mortgage rules, and although the Ottawa market has been slow-moving since the beginning of the year, this month’s numbers are quite the opposite,” said Tim Lee, President of the Ottawa Real Estate Board, in the news release.
“With both residential and condo units sold up a respectable amount since last year, it breaks the downward cycle. In addition, average sale prices evened out in August, creating a welcomed lull in inflating property prices.”
Last month, the average price for an Ottawa property rose by 0.4 per cent from 2012 to $348,519. However, condo prices took a hit, dropping by 5.4 per cent from last year. The average value for a residential-class property compared to August 2012 was a modest 1.8 per cent rise.
OREB also noted that inventory has also decreased since last month and is starting to return to more normal levels.
Photo: Intiaz Rahim/Flickr