March saw a large increase in sales of homes in the Ottawa market with 1,485 sold through the MLS system of the Ottawa Real Estate Board. That’s 28 per cent higher than a year earlier and well above the five-year average for the month (1,240).
The month’s sales were just 14 units below the record for March set in 2010 and OREB president Rick Eisert says that properties are moving faster as the spring buying season kicked into gear early.
“We’re seeing a lot more multiple offers than we’ve experienced in a while, mostly due to lower inventory levels,” says Eisert. “The number of properties listed in March also experienced a decrease over last year, and is about 100 units shy of the five-year listing average for March.”
Average sales prices increased by 5.3 per cent year-over-year for a residential class property to $415,467; and by the same percentage for condo class homes to $272,597.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: