Ottawa’s residential real estate roared back to life in March with a double-digit increase in sales and an eight-per-cent increase in average house prices, according to the Ottawa Real Estate Board.
“Properties that are priced well are selling quickly,” said OREB president Ralph Shaw in a statement, adding that homes are spending an average of 43 days on the market, down from 54 days in March 2017.
Ottawa realtors sold 1,660 residential properties last month, up 12.3 per cent from the 1,478 sold during the same period a year earlier, according to OREB figures.
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Sales have now increased on a year-over-year basis in 20 of the last 21 months, with the only decline recorded in February 2018.
The average resale price, meanwhile, increased eight per cent year-over-year to $447,561.