The snowy month of November brought with it a slower than average resale market
in Ottawa. Members of the Ottawa Real Estate Board sold 891 residential
properties in November through the Board’s Multiple Listing Service® system,
compared with 928 in November 2012, a decrease of four per cent. The five-year
average for November sales is 939.
“The number of residential properties
sold in November, excluding condos, was only down by five units compared to this
time last year,” says Tim Lee, President of the Ottawa Real Estate Board. “Sales
for the first eleven months of the year are at 13,267, just slightly below the
year-to-date sales for 2012.”
November’s sales included 174 in the
condominium property class, and 717 in the residential property class. The
condominium property class includes any property, regardless of style (i.e.
detached, semi-detached, apartment, townhouse, etc.), which is registered as a
condominium, as well as properties which are co-operatives, life leases and
timeshares. The residential property class includes all other residential
properties.
The average sale price of residential properties, including
condominiums, sold in November in the Ottawa area was $356,675, an increase of
1.9 per cent over November 2012. The average sale price for a condominium-class
property was $258,118, no change from November 2012. The average sale price of a
residential-class property was $380,593, an increase of 1.2 per cent over
November 2012. The Board cautions that average sale price information can be
useful in establishing trends over time but should not be used as an indicator
that specific properties have increased or decreased in value. The average sale
price is calculated based on the total dollar volume of all properties
sold.
“Keep in mind that market fluctuations do occur, and the Ottawa
market remains in stable territory,” explains Lee. “It is important for buyers
and sellers to talk to an Ottawa area REALTOR® for more information about the
housing market outlook in the neighbourhood they live, or want to live. Ottawa
continues to be a great place to buy and/or sell a home.”