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By Ottawa Business Journal Staff
Fri, Jul 7, 2006 12:00 PM EST
Housing sales in Ottawa are on pace for a record year.
Members of the Ottawa Real Estate Board sold 1,609 homes in June, almost ten per cent more than in June of last year.
So far this year, sales have totaled 7,659, an increase of 7.5 per cent over 2005 levels and 2.3 per cent higher than in 2004, when real estate agents sold a record 13,158 homes during the entire year.
"The inventory of active listings at the end of June are on par with that of last year at this time. The results for the first half of the year point to another record setting year for resale housing in Ottawa," Board spokesperson Jeff Greenberg said in a statement. "Clearly, consumers are continuing to display their confidence in both the economy and Ottawa real estate."
The average price of a resale home sold in June was $258,526, an increase of almost three per cent over June 2005 levels.
Condo sales jumped 16.0 per cent last month compared to 2005, to 305 units. The average condo sold for $194,676, up 3.3 per cent compared to a year ago. Slightly more than 1,300 single-family homes were sold during the month, up 8.4 per cent. The average selling price of a single-family home rose 3.1 per cent to $273,460.
For the first six months of the year, condo sales in Ottawa are up 9.9 per cent and single-family sales are up 6.9 per cent.
Mr. Greenberg says almost half of all home sales are in the range of $200,000 to $300,000 and he suspects many are first-time buyers.
While higher interest rates may be pricing some people out of the market, he says mortgage rates are still low by historical standards. The healthy inventory offers buyers plenty of choice, but is also good for sellers.
Fri, Jul 7, 2006 12:00 PM EST
Housing sales in Ottawa are on pace for a record year.
Members of the Ottawa Real Estate Board sold 1,609 homes in June, almost ten per cent more than in June of last year.
So far this year, sales have totaled 7,659, an increase of 7.5 per cent over 2005 levels and 2.3 per cent higher than in 2004, when real estate agents sold a record 13,158 homes during the entire year.
"The inventory of active listings at the end of June are on par with that of last year at this time. The results for the first half of the year point to another record setting year for resale housing in Ottawa," Board spokesperson Jeff Greenberg said in a statement. "Clearly, consumers are continuing to display their confidence in both the economy and Ottawa real estate."
The average price of a resale home sold in June was $258,526, an increase of almost three per cent over June 2005 levels.
Condo sales jumped 16.0 per cent last month compared to 2005, to 305 units. The average condo sold for $194,676, up 3.3 per cent compared to a year ago. Slightly more than 1,300 single-family homes were sold during the month, up 8.4 per cent. The average selling price of a single-family home rose 3.1 per cent to $273,460.
For the first six months of the year, condo sales in Ottawa are up 9.9 per cent and single-family sales are up 6.9 per cent.
Mr. Greenberg says almost half of all home sales are in the range of $200,000 to $300,000 and he suspects many are first-time buyers.
While higher interest rates may be pricing some people out of the market, he says mortgage rates are still low by historical standards. The healthy inventory offers buyers plenty of choice, but is also good for sellers.
