Flickr photo Ottawa - Skyline 2 by CoffeeGeek Another major Ontario city saw less activity in the housing market in February.

While Toronto reported fewer sales and only a small price increase compared to the same time last year, new numbers released by the Ottawa Real Estate Board suggest a fairly similar trend.

February 2012 saw 1,008 sales through the Board’s Multiple Listing Service system. Last month, 914 residential properties changed hands, a 9.3 per cent decline compared to the same period the year before.

Here’s how sale prices changed:

  • The average sale price decreased in February 2013 to $346,774, a 1.1 per cent change from the same time in 2012.
  • The average sale price for a condo was $264,953 last month, a decrease of 3.1 per cent.
  • The average sale price of a residential-class property saw very little change, declining by 0.6 per cent to $373,337.

Tim Lee, President of the Ottawa Real Estate Board, said in the news release that the market has slowed down compared to the same month last year.

“The government was successful in its quest to “cool down” the market,” he said.

“However, if we look at this month’s sales, in comparison to last month’s sales, the market seems to be picking back up as we approach the busy spring season – 315 more homes were sold in February, over January, even with three fewer days.”

We’ll be keeping an eye on other urban centres in the province to see if they’re showing similar trends.

Developments featured in this article

More Like This

Facebook Chatter