Sales up, average price down in Ottawa home market

Date Posted: August 9, 2012

Recently released statistics from the Ottawa Real Estate Board show that despite the changes to mortgage regulations, the Ottawa market remains stable. This article from the Ottawa Citizen shares the highlights of the report.

In July, 1,366 homes were sold through the Multiple Listings Service, an increase of 3.4% over July of last year. The average home price has declined to $337,518, while April's average was $364,077. It is suggested that the rapid sale of lower priced properties, combined with higher priced properties staying on the market longer, is contributing to this decline.

This article also shares statistics from Vancouver and Toronto Real Estate Boards. Vancouver's sales have fallen 11.2% from June's results, but home prices are not showing a significant decline. Toronto sales fell 1.5% in July, a decline that is believed to be connected with the slowing demand for condominiums.

Click here for the full article from the Ottawa Citizen.