“The year started off a little sluggish, but as soon as April hit we were either breaking records, or outpacing the year before considerably,” said OREB’s president Shane Silva. “This is a-typical of August when units sold normally start to decline approaching the fall.”
He added that average sale prices have been steady all year but spiked in August probably due to a year-over-year rise of 6 properties in the market selling for above $1 million.
The average sale price of a residential-class property sold in August in the Ottawa area was $389,786 an annual increase of 2.5 per cent and for a condominium-class property the average was $272,166, an increase of 11.1 per cent over August 2015.
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Home resales in Ottawa hit a new high in August with 1,484 properties sold through Ottawa Real Estate Board’s MLS. The figure represents a 16.3 per cent rise year-over-year and is more than 200 units above the 5-year average for August.