September real estate sales in Ottawa hit eight-year high

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Ottawa’s housing market showed no signs of losing steam last month as local realtors collectively sold the highest number of properties in September at least eight years, statistics from the local real estate board show.

Some 1,371 local homes changed hands last month. While fall sales traditionally dip slightly after the busy summer season, it’s a 22.5 per cent jump over September 2015.

Year-to-date sales are up seven per cent over the same period last year.

“Again this month, we have broken the record for residential and condominium units sold, with 200 more units sold than the five-year average for September sales,” Shane Silva, president of the Ottawa Real Estate Board, said in a statement. “With average sale prices remaining virtually unchanged since the beginning of the year, this could be an indication that prices have adjusted to market expectations and sales have rebounded as a result.”

However, there are signs that the market will not be able to sustain this level of sales activity as fewer homeowners are putting their houses and condos up for sale.

“With fewer listings coming on to the market, combined with recent higher unit sales, overall inventory is declining,” Mr. Silva stated.

There were 2,410 properties listed last month, down from 2,713 a year earlier.

The average home resale price in September was $382,793, a 10-month low and down 0.1 per cent from a year earlier.