Ottawa resales strong in May

Sales of existing homes in the Ottawa market increased by 7.7 per cent in May compared to a year earlier.

Data from the Ottawa Real Estate Board show that there were 1,926 residential properties sold in the month, beating the month’s five-year average of 1,812.

Properties were on the market for an average of 72 days (down from 74 in April) and average sales prices were up by 2.6 per cent year-over-year to $411,791 for residential class (excluding condos, co-operatives, life leases and time shares) but down by 4.9 per cent for condos to $266,940.

David Oikle, president of OREB, said: “Properties are moving consistently and inventory remains plentiful, labelling the Ottawa market as a buyers’ market and allowing for average sale prices to remain very stable.”

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