The real estate market in Ottawa continues to show promising figures as the numbers on last month’s sale of a home increased by 4.3 per cent of the usual 5-home sales per annum. The Real Estate Board of Ottawa revealed in their data that the sales figure for the month was at 1,491, which is more than the 5 year average of 1,430 even though there was a substantial drop in inventory.
The President of the Ottawa Real Estate Board, Shane Silva said that “Sales continue to outpace 2015 numbers both in monthly and year-to-date comparisons. However, we are seeing the typical summer slowdown in July compared to June’s record-breaking numbers. Units listed in both residential and condominium property classes have declined throughout the year, which has affected overall inventory levels. The number of active listings at the end of July 2016 is down about 15 percent compared to July 2015.”
The rate increased by a slight amount of 1.1 per cent over the years, due to the benchmark sale price of a residential-class house at $398,608, while the usual price for the sale of a condominium-class asset was 295,794 surged up to 1.2 percent from the previous year.