Low Mortgage Rates Fuel Ottawa Home Sales

sold1Housing sales in Ottawa increased 24.7 percent in October, solidifying the market’s status after the turbulence of last year’s economic situation. This shows in the 13.6 percent jump in home prices over last year, bringing the average sale price to $318,655.

Condominiums had the most demand, followed by bungalows and two-storey single-family homes, with 1,202 changing hands last month.

Rick Snell, the Ottawa Real Estate Board president, believes that low mortgage rates are fuelling the activity. “Listing inventory remains at a low level, and combined with brisk sales, indicates we are still in a strong seller’s market,” he said.

In contrast to the United States, where luxury and higher-priced homes have all but disappeared from the sales roster, Ottawa’s high-end housing actually aided in the higher home sale price. A two-storey single-family home averaged $368,237, which is $30,000 more for their category. Homes over $500,000 were up an astounding 83 percent over last year, with 118 sales. Finally, 9 houses that were priced over the $1 million mark sold this year, in contrast with just 2 last year.

The amount of time a home sat on the market has also improved from last year. Last month it took approximately 33 days for a house to sell, a decrease from 37 days at the same time last year.

To find your dream home, check out OttawaMove.com‘s Featured Properties or New Listings. You can also contact Chris Coveny at OttawaMove.com for any real estate questions or for help in finding or selling your home.

Leave a Reply

Your email address will not be published. Required fields are marked *