The number of homes sold in Ottawa last month fell when compared to the year before as the local market continued a slow start to 2014.
Ottawa realtors sold 870 residential properties in February, according to the Ottawa Real Estate Board. That’s a 3.7-per cent decrease when compared to the 903 that changed hands during the same month last year.
The OREB pointed to month-over-month gains as a sign that interest in home buying is picking up, even though year-to-date sales are down 2.6 per cent when compared to last year.
OBJ360 (Sponsored)
Being an employer is tough and getting tougher. When the pandemic accelerated remote and hybrid work, it added to a complex workplace already full of challenges for employers. Keeping employees
City Building: Ziebarth Electrical Contractors focuses on quality, culture and collaboration
Ziebarth Electrical Contractors (ZEC), an Ottawa-based, family business, prides itself on several achievements over the course of its 47-year history in the city. These include staff members who have been
“Typical of a burgeoning spring market, Ottawa’s resales gained momentum in February,” said David Oikle, the president-elect of the OREB, in a statement.
“Looking at this month’s sales, in comparison to last month’s sales, the market has picked up as we approach the busiest time of the year – 282 more homes were sold in February, over January.”
The average sale price increased two per cent year-over-year, jumping to $353,407 from $346,580.
The “hottest” segments of the market in February were the $175,000 to $225,000 and $275,000 to $400,000 price ranges, according to the OREB.
This leads Mr. Oikle to believe that first-time homebuyers were particularly active during the month.
“With an increased inventory of listings going into March, we could see this momentum transfer to other market segments as first-time sellers re-enter the market as buyers and help contribute to continued market stability,” said Mr. Oikle’s statement.
