In the Ottawa Real Estate Board's latest news release, they are reporting that although sales for August of 2014 were down 1.1% from the previous year, they were still higher than the 5 year average and the average sale price increased for both residential homes and condos. The average sale price for Ottawa condos in August was $263,996 which is a 2.3% increase from August of 2013. For residential properties as a whole, the average sale price came in at $381,628, which is an increase of 1.9% from last year.
Typically one can take these average sale prices with a grain of salt however, as the results can be skewed when larger million dollar plus homes and condos sell. President of OREB, Randy Oickle even makes note that the number of residential properties sold the $500,000+ range were up over 25% from this time last year.
As we talk with various sales representatives in the Ottawa area, we are finding that many still find this to be a soft market but feel that a rebound is coming in the near future. The Ottawa Citizen also put out an interesting article last week that talks about the condo market in particular. It mentions that condo prices have been at an all time low right now due to lack of demand, but that they are expected to rise as the market absorbs the new condo developments that have hit the market over the last 10 years. The article also discusses the average selling time and goes on to say that properties are starting to sell a bit quicker (averaging 60 to 120 days) which is a huge improvement from the 9-10 month average that it was not too long ago.