Record-breaking June for Ottawa resales
OTTAWA, July 6, 2016 - Members of the Ottawa Real Estate Board sold 1,985 residential properties in June through the Board's Multiple Listing Service® system, compared with 1,691 in June 2015, an increase of 17.4 percent. The five-year average for June sales is 1,717.
The average sale price of a residential-class property sold in January in the Ottawa area was $399,382 a decrease of 1.3 percent from June 2015. The average sale price for a condominium-class property was $264,913, a decrease of 2.4 percent from June 2015. 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.
"Sales this past month contributed not only to the highest June on record, it also turned out to be the highest sales in any month ever in the history of the Ottawa market," remarked President of the Ottawa Real Estate Board, Shane Silva. "The closest comparable sales figures are from May 2009 with 1,967 units sold. Normally resale market has a slight dip in units sold from May to June each year. May is routinely the peak month for units sold; however, this year June sales increased by 3.3 percent over May."
"It's hard to say what fueled this surge for June. It could be a combination of great weather and buyer activity from other markets, or it could be an anomaly. We will be closely watching the trend over the summer when sales typically slow down as buyers turn their attention to summer activities," Silva went on to explain.
OREB Monthly News Release - 2016 - June