October Home Buyers weren't spooked by election results
OTTAWA, Novemeber 4, 2015 - Members of the Ottawa Real Estate Board sold 1,161 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,119 in October 2014, an increase of 4 per cent. The five-year average for October sales is 1100.
The average sale price of a residentialclass property sold in October was $380,075 which is an increase of 2.8 per cent over October 2014. The average sale price for a condominiumclass property in October has dropped by 13% from $290,739 to $251,177; however, the year to date average price of $258,995 is more in line with the current average. This in fact illustrates why the Board cautions that the 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.
“Our October numbers show we outpaced last year and the five year average,” says David Oikle, President of the Ottawa Real Estate Board. “Buyer activity was expected to taper off leading up to the Federal Election but it didn’t seem to affect our overall performance by very much.”
OREB Monthly News Release - 2015 - October