When compared with statistics from January 2014, residential property sales in the Ottawa region increased 6.8 per cent in January, according to recent data released by the Ottawa Real Estate Board (OREB). This included 114 condominiums which sold for an average price of $250,406. On a month-to-month basis, new residential and condo property listings more than doubled those registered in December.
“The cold weather proved not to be a deterrent for buyers in January,” says David Oikle, President of OREB. “Residential and Condo sales combined, contributed to an increase in sales this month, and we are right on par with the January average. Residential two-storey and bungalow properties had the highest concentration of buyers. In addition to residential and condominium sales, OREB members assisted clients with renting 183 units this month.”
Despite increased sales activity, the average condo price fell 5.8 per cent, year-over-year, in January. However, OREB warns that trends in average pricing should not be used as an indicator of a property type’s value, as numbers are calculated from the total dollar volume of all properties sold.
With the potential of record-low interest rates on the horizon, Oikle predicts that homebuyers across all property types will have even more options to choose from in the Ottawa region.
