Record-breaking June for Ottawa home sales

Ottawa has continued the theme of record-breaking sales figures for June with a rise of 17.4 per cent compared to a year earlier. The Ottawa Real Estate Board reported 1,985 properties sold during the month, easily surpassing the 5-year average of 1,717.

“Sales this past month contributed not only to the highest June on record, it also turned out to be the highest sales in any month ever in the history of the Ottawa market,” remarked Shane Silva, President of the Ottawa Real Estate Board. “The closest comparable sales figures are from May 2009 with 1,967 units sold. Normally the resale market has a slight dip in units sold from May to June each year. May is routinely the peak month for units sold; however, this year June sales increased by 3.3 per cent over May.”

Among the sales were 331 in the condominium class and 1,654 in the residential class with 3,220 new listings during the month although inventory was down 11.5 per cent year-over-year.

Prices were also lower despite tightening supply; the average sale price of a residential-class property was $399,382, a decrease of 1.3 per cent over June 2015 and for a condominium-class property was $264,913, a decrease of 2.4 per cent from a year earlier.
 

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