Ottawa real estate market experiencing “upswing in sales”: OREB

The spring real estate season is showing signs of heating up, if the latest numbers released Wednesday by the Ottawa Real Estate Board are any indication.

Board members sold 1,208 residential properties in March, 41.8 per cent more than than February, and two per cent more than March of last year. The five-year average for March is 1,236 transactions.

“Indications of a fast approaching spring market were noted in February, and these numbers are proof that Ottawa is indeed experiencing an upswing in sales,” OREB president David Oikle said in a statement.

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Of the properties sold last month, 980 were residential and 228 were in the condominium property class.

Mr. Oikle said properties are starting to move faster as the average number of cumulative days a property stayed on the market was 83 last month, compared with 99 in February and 119 in January.

Year-to-date sales numbers are also up, he said.

“Year-to-date sales for the first quarter of 2015 are 1.8 per cent higher than the first quarter of 2014. Average sales price has also increased, ever so slightly, by 0.8 per cent. So far, the 2015 resale market in Ottawa remains steady and strong.”

The average prices were unchanged from March of last year, with condos at $251,666 and all other residential properties at $387,141.

Mr. Oikle said most of the sales were in the $300,000 to $400,000 range, followed by the $200,000 to $300,000 range.

“Residential two-storey homes continue to be the highest sold property class, followed by bungalows and one-level condos,” Mr. Oikle said.

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