Ottawa house sales momentum slows in July, good news for buyers

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After a couple of months of seeing nearly double-digit price gains, the Ottawa housing market in July returned to more typical patterns.

Prices for Ottawa homes sold through the multiple listing service climbed 5.3 per cent year over year in July, reaching $420,335, the Ottawa Real Estate Board reported Thursday.

The average sale price for condominiums was $267,640, up 2.8 per cent during the same period.

Even these modest increases exaggerate the strength of the market somewhat.

Residential prices averaged roughly $435,000 during May and June while condo sales averaged slightly more than $280,000 during those two months.

Another way to look at the July data: Average prices for residential properties and condominiums alike are slightly below the average recorded year to date for both sectors. It’s not the sign of a market that is acquiring unstoppable momentum for sellers, which means it is good news for buyers.

More to come as we break down the July housing sales data district by district.

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