Home sales are heating up across Ontario with Ottawa’s hot September reflecting the flurry of activity also seen in Toronto and Hamilton. The nation’s capital counted 1,119 residential sales last month, a 12.5 per cent bump from the year before. The tally is very much in line with the five-year average for September sales, which sits at 1,121.
“As a result of the new mortgage rules introduced last summer, we saw continuous decreases in units sold in the first half of 2013. Since July 2013, the Ottawa resale market has started to heat up again,” sais Tim Lee, President of the Ottawa Real Estate Board (OREB), in the news release.
“The number of residential and condo units sold has increased since last year. Condo units sold are up 15 per cent, while residential units sold are up 11.8 per cent. Also, impending mortgage rate increases may be causing many first-time home buyers to buy now before the rates increase.”
Despite the boost in sales, the average price of an Ottawa home still saw a small decline in September. The new average sits at $346,342, a decrease of 1.2 per cent over September 2012. The price of condominium-class property was $257,059, a decrease of 3.4 per cent while the average price of a house came to $371,370, a decrease of 0.5 per cent from last year.