“We are definitely seeing a resale market increase from the previous month, with 256 more properties sold in March over February,” says President of the Ottawa Real Estate Board, Shane Silva. “Properties are starting to sell faster, indicating that we are heading into our busy spring market.”
The month saw a surge in listings, up 38.6 per cent form February with 3,203 on the market with average selling prices up around 2 per cent for both residential-class properties ($394,951) and condo-class ($258,714).
“The hottest segments in our market continues to be in the $300,000 to $400,000 price range, followed by the $200,000 to $300,000 price range,” says Silva.
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
There was a drop of almost 3 per cent in the number of homes sold in Ottawa during March but realtors are confident that the resale market is set to jump. There were 1,166 sales through the MLS of the Ottawa Real Estate Board, down 2.8 per cent year-over-year but there was an increase in properties sold in March compared to February.