July Market Update - A Month for the Records!

Friday, August 8th, 2014 at 5:08pm.

OREB just released their Ottawa real estate market update for July, 2014 and it's pretty clear that things are very much on the upswing. The sluggish winter/spring markets have turned around and 2014 marked the 2nd highest sales month on record for July with a total of 1,445 properties sold. Even though the market got off to a slow start this year, this rebound looks to put 2014 on par or slightly above the total sales for last year.

The average sale price which includes both residential properties and condos was $356,735 which was a slight decrease from July of last year. These average sale prices can be slightly skewed however. In this case, there were significantly less homes over the 1 million dollar mark sold in 2014 than there were in 2013. This factors in greatly to the decrease over last year.

With <a href="http://www.ctvnews.ca/business/td-doesn-t-expect-bank-of-canada-to-cut-interest-rates-1.1925825">interest rates likely not increasing in the near future</a>, most Ottawa real estate agents we've spoken with expect these strong sales in the Nation's Capital Region to continue. If you're looking to buy a home in the area, now is definitely a great time with a large number of homes on the market and favorable interest rates. So get started and <a href="http://www.ottawarealestate.ca/idx/">start searching</a> now!