Members of the Ottawa Real Estate Board sold 2,032 residential properties in April through the Board’s Multiple Listing Service® System, compared with 1,788 in April 2017, an increase of 13.6 per cent. The five-year average for April sales is 1,704. April’s sales included 416 in the condominium property class and 1,616 in the residential property class.
The average sale price of a residential- class property sold in April in the Ottawa area was $455,212, an increase of 4.2% over April 2017. The average sale price for a condominium property was $269,294, an increase of 0.3% from April 2017.
Certain areas in Ottawa continue to experience limited supply with both residential and condo inventory down 23.7% from the same month last year. People are reluctant to put their home on the market if they are uncertain of their ability to acquire another property. As temperatures warm up indicating that Spring is really here, listings will likely pick up.
Ottawa continues to be one of the more affordable cities in Canada. The overall residential marketplace shows solid and steady performance on investment for homeowners, and offers a variety of options for those looking to enter the market.
Change in the average sale price is not indicative of all property values. Buyers and Sellers need full information about the housing market outlook where they live, or want to live. Since every area is slightly different, if you are thinking of buying or selling, please give me a call. I am always happy to help. And don't forget those referrals! They play a huge role in the success of my business.