The Ottawa real estate market continues again to be strong with another record-breaking year for homes bought and sold in September 2016 compared to September 2015, and the five-year average for September sales.

Here are the highlights of the market’s performance in September:

● Two-storey and bungalow residential homes in the $300,000 to $400,000 price range, and one-level and two-storey condos in the $200,000 to $300,000 and $100,000 to $200,000 price range still continued to be properties in demand that were bought and sold.

● The average sale price increases for residential properties were in:
– 1 1/2-storey homes at $253,575 (up by 7%);
– 3-storey homes at $512,871 (up by 16.6%); and
– duplex at $510,318 (up by 13%).

● The average sale price increases for condos were in:
– 2-storey homes at $241,245 (up by 8.7%); and
– 3-storey homes at $250,700 (up by 16.5%).

To read more about this positive news, click on the market update report located here.

In light of the Government of Canada’s recent decision to not allow home-buyers to be qualified for lower or discounted mortgage rates (if their down payment is less than 20 percent), will it hurt Canada’s real estate market? Are Canadians be able to afford buying their dream home? I welcome your thoughts.