Spring conditions produce blossoming resale market

Members of the Ottawa Real Estate Board sold 1,795 residential properties in April through the Board’s Multiple Listing Service® System, compared with 1,711 in April 2016, an increase of 4.9 per cent. The five-year average for April sales is 1,613. “The April resale market continued

its upward trend in units sold, just shy of a record set in 2010,” says Rick Eisert, President of the Ottawa Real Estate Board. “Sales activity

is indicating a trend towards a seller’s market. Lower inventory, combined with increased demand, is creating many more multiple offer situations and quicker moving properties, with the average cumulative days on market dipping to just 71 days.” April’s sales included 312 in the condominium property class, and 1,483 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as

properties which are co-operatives, life leases, and timeshares. The residential property class includes all other residential properties.

“We continue to see a trend in the amount of high-end units selling,” reports Eisert. “Properties selling for $500,000 and up has increased over last year, and even more significantly in the over $1 million market, which doubled in sales over April 2016. Since the beginning of

the year 83 properties over $1 million switched hands, compared to only 38 in the same time-frame last year. The increase in sales for high-end properties may be fuelled by a combination of the migration of buyers from Toronto and move-up buyers. Another contributing factor is that many, generally well paying, jobs are opening up in the hightech sector, driving more people into the Ottawa market.” The average sale price of a residential class property sold in April in the Ottawa area was $435,883, an increase of 7.9 per cent over April 2016. The average

sale price for a condominium-class property was $268,553, an increase of 2.9 per cent over April 2016. The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood. “The two most active price points in the residential market continue

to be the $300,000 to $399,999 followed by the $400,000 to $499,999 range, combined accounting for 55.1 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 53.8 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 865 properties since the beginning of the year.”

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Archives

October 02, 2017
Leaves may be falling, but the real estate market is not
September 04, 2017
Steady September contributes to strong third quarter for 2017
August 07, 2017
Condo sales help set new record for August unit sales
July 02, 2017
Condo sales drive the Ottawa resale market in July
May 02, 2017
Condo sales lead the way for stellar performance in May
April 05, 2017
Spring conditions produce blossoming resale market
March 06, 2017
Spring market is primed for competitive season ahead
February 06, 2017
2017 resale market off to a great start
December 22, 2016
Donnelly Team presents: FREE SKATE DAY!!
December 09, 2016
Condo sales continue to bolster Ottawa resale market
November 06, 2016
Condo sales lead the way to best October on record
October 18, 2016
Brrr It's getting cold out there!
October 18, 2016
Avoiding the dreaded Tenant
October 12, 2016
Staying Active in the Winter
October 08, 2016
No fall(ing) back in Ottawa’s resale market
September 14, 2016
To Dog or not to Dog
September 07, 2016
Record-breaking year for Ottawa resales
August 26, 2016
Fixer Upper Opportunity?
August 08, 2016
Summer resales sizzle in a hot July
July 08, 2016
Record-breaking June for Ottawa resales
June 08, 2016
Sales stay consistently hot through May heat wave
May 13, 2016
Second-best April on record for Ottawa resales
April 06, 2016
A Winter for the Records!
March 31, 2016
Spring Home Maintenance!
March 19, 2016
March resale market springs into action
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February 2016 OREB News Release
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