July 7, 2008 : Rainy June Can’t Dampen Home Buyers’ Enthusiasm

Members of the Ottawa Real Estate Board sold 1,691 residential units in June through the Board’s Multiple Listing Service® system compared with 1,640 in June 2007, an increase of 3.1 per cent. There were 1,897 sales in May 2008.

“Despite much wetter than usual weather in June, buyers obviously liked what they were seeing on the market. Condo sales are on par with last year and freehold homes continue to see increased sales over 2007,” said Board President Heather Skuce. “Higher-end properties, in particular, saw a big jump in June. Board members sold 27 homes priced between $750,000 and $1 million, which is a 52.4 per cent increase in that price category over last June,” added Skuce

The average price of residential properties, including condominiums, sold in June in the Ottawa area was $298,484, an increase of 7 per cent over June 2007. The Board cautions that average 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 price is calculated based on the total dollar volume of all properties sold.