During last month, the Real Estate Board members of Ottawa sold an impressive amount of 1,010 homes, with an increase of 11.2 per cent of home sales recorded. The numbers have gone up from 908 a year before, it also exceeds the five-year average of 872 for the month.
There were more options opened to buyers as they had alternatives to choose from due to the 25 per cent jump on the new listing to 2,066 from the month of January, even if the inventory was inhibited, unlike the previous February.
President of the Ottawa Real Estate Board, Rick Eisert said; “Numbers continue to indicate a positive trend for Ottawa as a whole. Even with the additional day in February last year due to the leap year, sales this year are up in both the residential and condo property classes. Keep in mind, though, that all real estate is local, and that prices and conditions will vary from neighborhood to neighborhood.”
The residential class properties had their average price go up to $417,374 by 8.5 per cent year-over-year, with condos up to $258,387, by more than 4 per cent. Eisart concluded; “In the residential market the most active price point was the $300,000 to $399,999 range for the month of February, followed by the $400,000 to $499,999 range, and combined accounting for 54.6 per cent of the market.”