August 2016 was THE best August ever in homes sold for Ottawa! A 16.3% increase over last year. The volume is atypical of August, with 1,484 homes sold. Interestingly, as I have been watching this segment of the market, wondering if B.C.'s additional tax for foreign investors may impact other major markets....there were 14 homes (including condos) sold worth more than $1,000,000. That's 6 more than last year....hmmmm.
It's taking on average 90 days to sell a home in Ottawa year to date.
Year to date the average price of a residential home is $395,178. The average price of a condo year to date is $261,346. Both averages are less than a 1% increase for the year. But that is averages - not specifics. So call me for specifics on your home and neighborhood.
I think the most insightful statistic is the inventory on the market currently. And here lies the opportunity for our clients considering whether they should sell now or wait until spring - there is 17.5% LESS residential homes on the market right now, and 11.1% LESS condos. I think its a NOW time to discuss your specific situation and home. Don't hesitate to call us at 613-270-9559. Let's chat!