Ottawa home resales down 4% in November

OBJ Staff
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The progress Ottawa’s resale market showed in the past few months came to a screeching halt in November, with the number of homes sold by local realtors falling by four per cent.

(Stock image)

Members of the Ottawa Real Estate Board sold 891 properties last month, the company announced Wednesday. That’s down from the 928 that were sold in November 2012 and below the five-year average of 939.

The local resale market got off to a slow start in the first half of 2013 with a decline in month-over-month sales between January and July. However, that changed during the past three months, which all showed increases.

“Keep in mind that market fluctuations do occur, and the Ottawa market remains in stable territory,” Tim Lee, president of the Ottawa Real Estate Board, said in a news release.

Sales for the first 11 months of the year are down slightly from 2012. Realtors had sold 13,267 properties as of November, down from 13,711 during that time last year.

The average sale price was up 1.9 per cent in November to $356,675 from $350,004 last year.

Organizations: Ottawa Real Estate Board

Geographic location: Ottawa

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  • Ashley
    December 22, 2013 - 09:44

    I’ve read it many times that experts say that Ottawa market remains and will remain in stable territory. Existing home sales are expected to strengthen slightly over 2013 levels, particularly into the earlier months of 2014 before scaling back once more as interest rates start inching up in the second half of the year. Weaker employment conditions this year will pressure sales down, but some modest growth in employment into 2014 will sustain housing demand. I’m so happy that this year we have finally purchased our house! We saved for so long and got the mortgage for 15 years. Sometimes I even think that we wouldn’t buy it if my husband didn’t find it for a reasonable price and in a nice area, not far from his work. I’ll look if I have saved this link, http://montreal.localmartca.com/ here it is. When we saw the photos of the house we called the owner, an old lady who was selling it and then met to see the house. I’m so happy that we finally did it!