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Ottawa housing market stays hot through August, home sales up 10%

Ottawa’s residential real estate market showed no signs of cooling off in August, with the number of home sales up nearly 10 per cent from a year earlier. Members of the Ottawa Real Estate Board sold 1,731 homes last month, compared with 1,581 in August 2018 and far above the five-year average of 1,522 for the month. 
Sales in the residential class ​– which include detached, semi-detached and multi-unit homes ​– jumped 9.7 per cent year-over-year to 1,300. Condo transactions also continued to grow at a healthy pace, with the 431 sales recorded in August up 8.8 per cent from a year earlier.
“August’s 10 per cent increase in unit sales from 2018 is over twice the percentage increase experienced last year and three times higher than the previous August,” OREB president Dwight Delahunt said in a news release. “However, although the numbers are up, Ottawa continues to undergo issues with inventory as the limited supply persists.”
That supply crunch helped fuel significant price hikes in bo…

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