Cold spring blamed for cool Ottawa real estate market

Ottawa real estate agents had their slowest April for home sales in at least six years, according to data from the Ottawa Real Estate Board.

Members of the OREB sold 1,420 residential properties last month. That’s down 9.5 per cent from the 1,569 properties they sold in April 2013.

“With typical ‘spring’ weather beginning a lot later this year, it is not unexpected to see the market have a later upswing than normal,” OREB president Randy Oickle said in a statement.

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While March sales were up slightly compared to the previous year, the lower April sales pushed year-to-date sales numbers further behind last year.

So far, 4,063 residential properties have been sold in Ottawa, compared with the 4,226 that were sold by this time last year.

“There has been a decrease in units sold on a year-to-date comparison of 3.9 per cent,” Mr. Oickle said.

Condo sales were down further than those of other residential properties.

Some 257 condos were sold in April, a 14.9-per-cent decline from the same period last year when 302 condos were sold.

On a year-to-date basis, condo sales were down 9.7 per cent, from 911 to 823.

While condo prices are also down, overall housing prices in April were relatively flat.

The average sale price for all residential properties sold in April was $374,015, up 0.8 per cent from the same period last year.

Condo prices, however, were down three per cent, from $266,596 to $258,500.

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