Sales of homes in Ottawa were up 11.2 per cent in February, with the Ottawa Real Estate Board’s members selling 1,010 homes.
The figure is up from 908 a year ago and exceeds the 5-year average for the month of 872. Buyers had more choice too as new listings jumped 25 per cent from January to 2,066, although compared to the previous February the inventory remains constrained.
“Numbers continue to indicate a positive trend for Ottawa as a whole,” says Rick Eisert, President of the Ottawa Real Estate Board. “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 neighbourhood to neighbourhood.”
Average prices were up 8.5 per cent year-over-year for residential class properties to $417,374; and more than 4 per cent for condos to $258,397.
“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, combined accounting for 54.6 per cent of the market,” Eisart said.
