Ottawa real estate sales jump in September

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Ottawa’s real estate market showed strong gains in September, marking the second straight month of increased sales for resale homes in the capital.

According to the Ottawa Real Estate Board 1,244 residential properties were sold in September, up from 1,131 during the same month one year ago. The OREB said it was the best September on record for resale housing purchases.

“Ottawa Real Estate Board members continued their active summer into a busy fall,” said David Oikle, President of the Ottawa Real Estate Board. “here was a possibility that the federal election campaign might affect the local real estate market, but this does not appear to have been the case thus far.”

The busy September added to a strong August, after a slight slump in July. Year-to-date, the market has performed relatively well considering the recent struggles of the nation’s economy. A total of 11,814 resale homes have been sold using the OREB’s multiple listing service so far in 2015. During the same time period last year, the OREB reported total sales of 11,275 units.

Residential homes are the most desired units on the market today, while demand for condominiums continues to slide. According to the OREB, a total of 1,023 resale homes were sold in September, a 13.8-per-cent increase over the 899 sold during the same month last year. Conversely, condominium sales fell during the month to 221, down from 232 in September 2014.

While the number of resale homes sold in September was strong, the price of those homes seems to have plateaued when compared to a year ago. The average sale price of a residential property sold in Ottawa during the month was $385,142, an increase of 0.5 per cent over September 2014.

vpilieci@ottawacitizen.com

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