June 2014 Market Watch!

It was an extremely busy month for myself and it looks as though it was for the whole city!  The Ottawa Real Estate Board reports that there was a decent increase in sales over the sales of June 2013 with 1661 homes sold this past month!

That combined with average sale prices increasing to $364,264 from last years average of $359,232 is good news for the Ottawa Real Estate Market!  Investors and home owners should be happy considering everyone is still trying to say that the market is going to go down.

July being the beginning of vacation time for most, is traditionally a fairly slow month.  I wouldn’t count on it though as the long winter seems to have pushed a lot of buyers a bit further into the summer.  You’re probably going to see, a lot of sales in the next few weeks and quicker closings than normal.  Anticipate some longer than usual wait times in terms of mortgage approvals though as CMHC and Genworth appear to be quite swamped.

Happy Hunting!  If you’re looking to buy or sell a home this summer, give me a shout immediately so that we can get going! amiller@kwottawa.ca