May 2016 Survey

Sales stay consistently hot through May heat wave

OTTAWA, June 6, 2016 - Members of the Ottawa Real Estate Board sold 1,921 residential properties in May through the Board's Multiple Listing Service® system, compared with similar sales of 1,923 in May 2015. The five-year average for May sales is 1,864.

The average sale price of a residential-class property sold in May in the Ottawa area was $406,063, a decrease of 1.3 percent from May 2015. The average sale price for a condominium-class property was $264,801, a decrease of 0.8 percent from May 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.

"As the weather warmed, the Ottawa resale market continued its steady pace upwards, continuing an above average trend for the month of May," says Shane Silva, President of the Ottawa Real Estate Board. "Units sold are up 207 since April, increasing in both the residential and condominium class property."

OREB Monthly News Release - 2016 - May