A sizzling condo market pushed local realtors to their busiest July in more than a decade, according to the Ottawa Real Estate Board.
OREB members sold 1,614 properties last month, a 5.9-per-cent increase over July 2017. Year-over-year condo sales were up 14.3 per cent in July and up 16.5 per cent over the first seven month of the year.
OREB president Ralph Shaw said realtors have noticed a “surge” in sales in rural parts of Ottawa, particularly in the west end.
“This is not only driven by availability but likely includes other attractive aspects in these well-established communities such as reasonable commute times, convenient shopping options, and great schools and recreational facilities which aren’t overtaxed,” Shaw said in a statement.
House prices were up five per cent year-over-year in July to an average of $441,206. Condo prices were up 5.3 per cent to $280,526.