Spike On Ottawa January Home Sales

During the month of January, sales of homes in the Ottawa housing market spiked up by 11.5 per cent, unlike that of last year’s sale. The Real Estate Board in Ottawa sold 667 residential properties, which was more than the 5-year benchmark for the month; being 614, with prices increasing continuously.

President of the Ottawa Real Estate Board, Rick Eisert made a remark, saying; “The year is off to a great start, with sales up over this time last year, and well above the five-year average. Residential-class resales supported this increase, with a 16.6 per cent growth over January 2016.”

Homes categorized in the residential class had their average selling price go up by 1.9 per cent over the year to $394,001. Condo class homes average price increased by a substantial 16.9 per cent to $288,655, despite the help it got from selling three condos for more than $1 million, compared to not even one sold in that category during last year January.

It was anticipated that listings would go up, as Eisart said. He elaborated that; “The number of properties listed in January has doubled the amount listed in December, which is very typical of sellers getting a jump start on the spring selling season.”