October 2016 Ottawa Real Estate Statistics
Ottawa Real Estate experienced another record-breaking month in October 2016. The Multiple Listing Service (MLS) reported 1,214 sales last month, a 4.7 per cent jump from last year. The five-year sales average is 1,130 residential sales.
The condominium market segment led the way for the record-breaking month, posting 257 closed transactions. Condominiums include any property regardless of style registered as a condo, plus co-operatives, life leases, and timeshares. All other properties are classified as residential.
“October’s sales continued the record-breaking resale trend for the third straight month,” says Shane Silva, President of the Ottawa Real Estate Board. “While residential sales are identical to that of October 2015, condominium sales have soared – up by 27.2 per cent over last year.”
Average sale prices rose across the Ottawa area during October. Residential properties sold for $392,579. While sales leaped for condominium-class properties, their average sales price grew only .01 per cent compared to October 2015.
Local realtors will be watching the sales numbers in the closing months of 2016 as the recently announced new mortgage rules roll into effect.
“It’s too early to tell what kind of impact the new mortgage rules will have on the Ottawa market going forward,” said Silva in a press release. “We know that right now Ottawa continues to be a desirable city to live and work, and consumer confidence and job growth remain positive.”
New regulations in mortgage lending and real estate transactions are nothing new to the Hooper Home Team. With over 25 years experience in Ottawa Real Estate, they have guided clients through new legislation before while making their home purchase. Buyers and sellers should not be deterred from real estate in the closing months of 2016. The team will be happy to discuss any concerns you may have.