Ottawa Home Prices for the 1st Half of 2013
by Dave Williams
For the first half of 2013, the average price of home and condo sales was $361,222 (What does an average home in Ottawa look like?) Free hold homes alone average out to $386,174 and Condos alone to $263,804.
2013 Prices showed an increase of 1.2% over 2012’s level of $357K, 3.8% over 2011’s average of $348K and 10% increase since 2010’s first half average of $328K.
This is one reason home sales are leveling off, +10% increase in Average Prices in the last 3 years. That level of price increases is not sustainable and is one of the main reasons the government recently added new measures to curb that rate of growth.
In the freehold segment the average price of $386,174 represents and increase of 1.8% over 2012 ($379K), 3.7% over 2011 ($372K) and 9.9% over 2010 average price levels of $351K
Representing 75% of transactions, freehold homes tend to drive the whole market, hence a very similar picture of increase to the whole market.
In the condo market, this years first 6 months average price of $263,804 is a decline of 3.5% from 2012 ($270K), and increase of 1.3% over 2011 ($260K) and +6.5% over 2012 ($248K)
Again we see the wobble in the condo market, it’s my opinion that the new constructions are also attracting the higher priced sales, lowering the MLS sales average price. Tune in tomorrow to find out what % of homes listed for sale actually sell, it’s a little surprising.