Resale market rebounds with strong September sales
By Vito Pilieci, OTTAWA CITIZEN October 4, 2013
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Ottawa’s home resale market posted a strong September.
Photograph by: Steven Senne , AP
OTTAWA — Ottawa’s resale home market continued to rebound in September with strong sales during the month in both condominiums as well as residential units, according to the Ottawa Real Estate Board.
Real estate agents in Ottawa sold 1,119 residential properties in September, an increase of 12.5 per over the 995 properties sold during the same month last year.
September marked the second straight month that sales have increased in Ottawa. August marked the first month since April that residential sales had shown positive growth.
“As a result of the new mortgage rules introduced last summer, we saw continuous decreases in units sold in the first half of 2013. Since July 2013, the Ottawa resale market has started to heat up again,” said Tim Lee, president of the Ottawa Real Estate Board. “The number of residential and condo units sold has increased since last year. Impending mortgage rate increases may be causing many first-time home buyers to buy now before the rates increase.”
New mortgage rules introduced by the federal government in 2012 were aimed at slowing down the pace of Canada’s red hot housing industry by making it more difficult to obtain a mortgage. While the rules worked for much of the past year, first time buyers are now beginning to re-emerge.
According to the board, Ottawa real estate agents sold a total of 245 condominiums last month, marking a 15-per-cent increase over the number sold in September 2012. A total of 874 residential units were sold during the month, a 11.8-per-cent increase over the same month last year.
However, the average selling price of a home in Ottawa continued to slip slightly in September. The average sale price of residential properties, including condominiums, sold in Ottawa during the month of September was $346,342, a decrease of 1.2 per cent over September 2012. September marked the second straight month that the average selling price of Ottawa resale homes had slipped.
By Vito Pilieci, OTTAWA CITIZEN October 4, 2013
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Ottawa’s home resale market posted a strong September.
Photograph by: Steven Senne , AP
OTTAWA — Ottawa’s resale home market continued to rebound in September with strong sales during the month in both condominiums as well as residential units, according to the Ottawa Real Estate Board.
Real estate agents in Ottawa sold 1,119 residential properties in September, an increase of 12.5 per over the 995 properties sold during the same month last year.
September marked the second straight month that sales have increased in Ottawa. August marked the first month since April that residential sales had shown positive growth.
“As a result of the new mortgage rules introduced last summer, we saw continuous decreases in units sold in the first half of 2013. Since July 2013, the Ottawa resale market has started to heat up again,” said Tim Lee, president of the Ottawa Real Estate Board. “The number of residential and condo units sold has increased since last year. Impending mortgage rate increases may be causing many first-time home buyers to buy now before the rates increase.”
New mortgage rules introduced by the federal government in 2012 were aimed at slowing down the pace of Canada’s red hot housing industry by making it more difficult to obtain a mortgage. While the rules worked for much of the past year, first time buyers are now beginning to re-emerge.
According to the board, Ottawa real estate agents sold a total of 245 condominiums last month, marking a 15-per-cent increase over the number sold in September 2012. A total of 874 residential units were sold during the month, a 11.8-per-cent increase over the same month last year.
However, the average selling price of a home in Ottawa continued to slip slightly in September. The average sale price of residential properties, including condominiums, sold in Ottawa during the month of September was $346,342, a decrease of 1.2 per cent over September 2012. September marked the second straight month that the average selling price of Ottawa resale homes had slipped.
