Is the Ottawa real estate market “bulletproof”?

22 07 2009

It certainly looks like it.

After the 5 month “pause in the market from October 2008 to February 2009 the Ottawa market has roared back to life, echoing the positive climate in most other major markets in Canada.

Members of the Ottawa Real Estate Board sold 1,895 residential properties in June through the Board’s Multiple Listing Service® system compared with 1,685 in June 2008. This is an increase of 12.5 per cent. Listing inventory is at a very low level, which has led to competitive bidding on many properties.

Of those sales, 418 were in the condominium property class, while 1,477 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

June was the third consecutive  record month in volume sales for Ottawa and year to date sales as of the end of June are up one per cent over the same time period in 2008.

The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $306,924, an increase of 3 per cent over June 2008.

At the end of the day, Ottawa is a very stable city with great employment opportunties and a largely affluent population. The future is bright for home ownership in Ottawa and it may very well be one of the most affordable cities to invest in with a tremendous potential for equity growth as we move into the next decade.

RE/MAX Affiliates Realty Ltd. is proud to offer unparalleled real estate services to buyer, sellers and investors in the Nation’s Capital. Contact one of our award winning salepeople at 613-216-1755 or www.remaxottawa.ca


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