Ottawa sales, prices up from last year

The average sale price for all residential properties in the Ottawa area was $353,560 last month, up 8% from the same time a year earlier. Condominiums are up 10% in average price to $275,996 since last year, and other residential properties are up 7.3% to reach $375,539.

Overall residential sales activity was up 11% to reach 1,712 sales in June, compared to 1,534 a year earlier. The five-year average for June is 1,695.

“First-time buyers are out in the market in a big way, due to continued interest rates [levels], and after last year’s HST-affected spring, we’re seeing a return to what the June resale market usually looks like in Ottawa,” said OREB President Joanne Tibbles.

The commercial real estate market in Ottawa has also improved, as the commercial office vacancy rate dropped to 7.4% in June from 7.9% three months before that, according to Cushman and Wakefield.

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