Christmas gifts were not the only thing buyers were shopping for last month in Ottawa. December real estate sales broke new records 
Ottawa Real Estate Board members sold 703 homes last December; substantially higher than the 5 year average of 653. According to OREB, sales for both residential and condo properties are up over the 2014 sales numbers. This isn’t really surprising given the warm, springtime weather conditions we had (and the new government may have contributed to this new market confidence).
2015 as a whole, was also a very big year for Ottawa. Realtors sold 14,658 homes throughout the year, versus 13,919 in 2014. Definitely nice to see some progress in the sales department, however there are still many markets in this city which are not selling as quickly as we’d like.
As for sale prices, the year-to-date numbers for the average residential sale price in 2015 was $391,940, an increase of 1.9 per cent over 2014. While the average condominium sale price was $259,691, a decrease of 1.5 per cent over 2014. This ultimately means a balanced market. Freeholds continue to grow slightly, while condos continue to dip very slightly. My forecast is that we see much of the same in 2016. Condo builders have slowed considerably, so this could be the year that the condo market finally rebounds.
For anyone interested in a free market analysis of their area, please contact me for a detailed report.
Wishing you all much success and happiness in 2016!
CHRIS STEEVES