August sales took a mini-vacation compared to last year. 1,141 residential properties sold on the Ottawa Real Estate Board’s MLS® system, compared with 1,328 the prior year, representing a 14.1% decrease in activity. However, when comparing 2012’s August sales with the five year average of 1,193; this year’s sales decline is much less conspicuous.
The 1,141 sales in August were comprised of 248 condominiums and 893 residential properties. The condo class includes any property class (detached, semi, apartment, stacked, etc.) registered as a condominium, as well as any co-operatives, timeshares, and life leases. The residential class includes all other residential properties.
Ansel Clarke, President of the Ottawa Real Estate Board observed that the number of sales decreased, while prices increased marginally. "The new mortgage rules came into effect in early July, and this could be an explanation for the decrease in properties sold. Potential home buyers may be waiting to save a bit more money before purchasing a property. This summer, we also experienced exceptionally hot weather, which may be a factor in the market slow down. This August's sales are still in line with the five-year average, so the Ottawa market remains steady despite a small dip in units sold." Clarke also points out that total year-to-date sales are up 2.8% as well as an average sale price increase of 2.2% from last year.
The average sale price of all residential properties (incl. condos) sold in August in Ottawa was $346,949, an increase of 2.5% over August 2011. The average sale price for a condo was $272,367, an increase of 7.6% over August 2011. The average sale price of a residential-class property was $367,661, an increase of 1.7% over August 2011.
(Information courtesy of the OREB)