The condominium market is especially tough for sellers, given the vast supply of new condominiums. For the period of January 1 to July 31 this year, the number of condos sold is down three per cent versus the same period in 2014. It’s also taking longer to sell condominium properties. “If you look at the cumulative days on market, this year it’s taking 97 days to sell the average condo compared with 85 days last year,” notes Patrick.
*NOTE: These figures do not take into account properties that have been relisted on MLS more than once.
The average sale price of a house was $394,889 in July, while the average price of a condo was $255,102. Houses between $300,000 and $400,000 were the most popular, followed by those in the $200,000 to $300,000 range, and next the category between $400,000 and $500,000.
Year to date, the average residential home price has gone up 2.2 per cent over the same period last year. However, Patrick cautions, “you have to be careful, because the majority of the sales—54 per cent—were between $300,000 and $500,000. That really skews the total numbers. If you have over half of all your unit sales residentially between 300K and 500K, there’s not much left for all the other price ranges.”4,889 in July, while the average price of a condo was $255,102. Houses between $300,000 and $400,000 were the most popular, followed by those in the $200,000 to $300,000 range, and next the category between $400,000 and $500,000.
Even if the upcoming vote turns out to be more gripping than usual, Patrick doesn’t foresee anything major happening in Ottawa’s real estate market during the election. “Anytime there’s a federal election,” he concludes, “it’s not an overly exciting market.