Members of the Ottawa Real Estate Board sold 979 residential properties in February through the Board’s Multiple Listing Service® System, compared with 1,002 in February 2017, a decrease of 2.3 per cent. The five-year average for February sales is 922. One reason for the slightly lower numbers is the lack of inventory. Buyer demand is there, but inventory in both residential and condo classes continues to decline. It’s a great time to get your property on the market if you are thinking of selling!
The average sale price of a residential-class property sold in February in the Ottawa area was $429,600, an increase of 2.7 per cent over February 2017. The average sale price for a condominium-class property was $273,174, an increase of 5.6 per cent from February 2017.
Condo sales seem to be driving the number of properties sold and, due to demand, the condo market is experiencing some price recovery. Limited supply in the rental market is another factor - likely forcing people to buy condos.
Ottawa is beginning to experience similar indicators that have ultimately led to challenging real estate markets in our larger metropolitan cities. It starts with supply shortages which eventually lead to affordability issues.
Since every area is slightly different, it is always best to work with an experienced real estate agent if you are thinking of buying or selling. I am always happy to help.