Ottawa Real Estate Market Update
Spring is finally here – and better late than never! The traditional spring market is a bit later than usual this year due to the long winter we experienced.
Members of the Ottawa Real Estate Board sold 1,573 residential properties in April through the Board’s Multiple Listing Service® system, compared with 1,568 in April 2012, an increase of 0.3 per cent.
“The Ottawa market is doing well, and gaining ground back since the “cool-down” of the market for the past five months,” says Tim Lee, President of the Ottawa Real Estate Board. “We are on par with the strong sales of last April, and the resale market is up 34.9 per cent since last month. With interest rates continuing to be low, Ottawa remains a healthy, stable market.”
April’s sales included 302 in the condominium property class, and 1,271 in the residential property class.
The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $371,565, an increase of 2.1 per cent over April 2012. The average sale price for a condominium-class property was $266,596, a decrease of 2.3 per cent over April 2012. The average sale price of a residential-class property was $396,507, an increase of 2.9 per cent over April 2012.
Since there can be significant differences from one neighbourhood to another, if you would like to see what is happening in your neighbourhood, give me a call.
By the way, referrals play a huge role in the success of my business so please think of me and do mention my name if you hear of any family, friends, neighbours or colleagues who are considering a move. I’d be delighted to have the opportunity to provide them with my real estate services.
Source of data: Ottawa Real Estate Board