The month of March saw average Ottawa sale prices up 13% for residential-class properties and 10% for condominium units, the Ottawa Real Estate Board has reported.
In its summary of sales results for March of 2022, the Board says its members sold 2,011 residential properties. While that’s down slightly from the number sold in March of last year, it’s well above the five-year average for Ottawa sales in March, which is 1,792.
Total transactions were also up 42% over February sales, a promising sign for the spring-summer market.
Penny Torontow, President of the Real Estate Board, says March was “a robust and busy start to the spring season. We anticipate April’s numbers will be a better indication of just how well the spring market will perform, which tends to be the peak time of year for resales.”
In March, the average sale price for a condominium-class property in Ottawa was $479,405. That’s a 10% increase over the average in March of last year.
The average sale price for a residential-class property was $853,615. That’s up 13% from March of 2021.
In some potentially good news for buyers, 2,632 new listings were added to Ottawa inventory in March, which is 4% or 100 units more than the five-year average for new listings in the month of March.
“It is encouraging to see new inventory entering the resale market. However, these properties are being quickly absorbed due to the unrelenting high demand, and more listings are crucial to meeting this need,” Penny Torontow says.
She says the Ottawa Real Estate Board appreciates some moves the Ontario provincial government has made recently, including working with municipalities to try to get homes built faster, and increasing the non-resident speculation tax.
“This is a good start, and we are hopeful that with the application of these and further measures, Ottawa’s many potential homebuyers waiting on the sidelines will finally be able to get a foothold in our local market.”
As it always does, the Ottawa Board cautions that while average sale prices for a specific month can be useful in establishing trends over time, they should not be considered an indicator that specific properties have increased or decreased in value.
As with any city, prices and price increases in Ottawa will vary from neighbourhood to neighbourhood.
- If you’re considering buying or selling property in the Ottawa area, I’d love to chat with you about the current market and conditions in your part of the city.
- If you have been considering buying, the spring-summer season always sees a surge of new listings. This can make finding and buying a home easier than at other times of the year.
While buying in our tight market can be challenging, in my more than 30 years as a Realtor I’ve helped clients find properties in a wide range of market conditions. I help buyers prepare for challenges by knowing what to expect and ensure they are in the best position possible, ready to make an offer when they see something they like.
If you are considering selling, my professional stager and photographers can help your property to stand out and attract notice. With my many years of experience, I can also suggest any necessary changes or improvements that would help your property appeal to buyers.
You can read more about me on my site, www.nancybenson.com. Feel free to give me a call, at 613-747-4747.