Good morning Ottawans!
Good news! Homes are selling like hot cakes around here. Ottawa had an all-time record-breaking month of June for sales volume.
June of 2016 saw a total of 1,985 residential properties sold through Ottawa’s MLS. This is up 17.4% over June of last year. And the 5year average is 1,717 residential properties sold.
Despite all of these homes selling, prices still seem to be down (good for buyers, bad for sellers). The average sales price for a freehold home for this June over June 2015, is down 1.3%. And for residential condos, the average price is down 2.4% over the previous June. The demand for homes is definitely there, but buyers are still being cautious not to overpay. (note to Ottawa buyers: do not move to Vancouver or Toronto. You will definitely not like those prices ;-))
For anyone still thinking of buying, now is a great time to be shopping. The July and August markets typically slow down somewhat as many people are on vacation, cottaging, and/or generally taking time off to enjoy the summer (and with this 30 degree weather, I don’t blame them!). This is the opportunity to make a move while there is less competition (and trust me, there is plenty of competition around here when it comes to a well-priced property).
CHRIS STEEVES