The News EMC homes & real estate

Diane Hatfield, Ottawa Real Estate Board President

Homes in Ottawa are still selling at a brisk pace, spending an average of just 34 days on the market before being snapped up.  Members of the Ottawa Real Estate Board sold 1,651 home sin June through the Board's Multiple Listing Service ® system.  That's up from 1,600 in June of last year.

With more than 8,000 homes sold already in 2007, the Ottawa resale housing market is on tract for another record-breaking year.  Last year, over 13,000 resale homes changed hands in Ottawa, and if the market continues to perform as it has been, this year that the number could easily top 14,000.

It's also interesting to note that condo sales continue to drive growth - they account for the entire difference between sales in June 2006 and June 2007.  It's clear that condos are still a hot commodity in Ottawa, equally attractive to first-time buyers, empty-nesters and anyone who hates shoveling snow in the winter.

Prices, meanwhile, continued to rise steadily in June: the average price of the homes sold in June through the MLS ® system in the Ottawa area was $279,429, an increase of 7.8 per cent over June 2006.  That's an average of $299,864 for a single family home and $204,823 for a condo.  However, one of the factors driving the higher single family home price was the increase in the number of homes sold for more than $750,000 in June, from just 10 in 2006 to 22 this year.  That includes 5 homes that sold for over $1 million.  I can hear you asking: what do all of these numbers and percentages mean for Ottawa homebuyers and seller?  They mean that if you're thinking of buying a home, working with a REALTOR® knowledge of market conditions and Ottawa's neighbourhoods to help you prepare your home for sale and set a price that will both satisfy you and attract potential buyers. 

All of the Ottawa Real Estate Board's members are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.  The Board maintains an online roster of its 2280 members that can be accessed any time at www.OttawaRealEstate.org.  Click on "Find a REALTOR®" and search by last name or by firm.  Some of our members focus on working with buyers, while others prefer to work with sellers; some do both.  Let them know what your needs are, so that they can do their utmost to provide you with excellent service.  Remember: no one knows real estate like a REALTOR®.