Slow and steady: that’s what the Ottawa Real Estate Board’s recently released numbers suggest about market activity for March 2013.
As forecasted, the market is showing signs of moderating. Last month 1,167 properties were sold through the Board’s Multiple Listing Service system, compared with 1,388 in March 2012, a decrease of 15.9 per cent.
“The Ottawa market has been described as steady and stable for the past few years. It’s not going up drastically, and it’s not going down drastically,” says Tim Lee, President of the Ottawa Real Estate Board in the news release.
“The market was forecasted to slow down in 2013 as a result of recent mortgage changes, and indeed it has.”
However, prices didn’t see a sizeable drop. The average sale price was $358,102 in March 2013, an increase of one per cent over the same time in 2012. The average sale price for a condo was $267,604, a decrease of 4.1 per cent from the previous year. Other residential-class properties increased by 2.7 per cent to $386,197.
Lee explained that the new mortgage rules likely had an impact on the market.
“When the changes were first announced, those who were actively shopping had to re-evaluate how much home they could afford to finance. Another factor for the slow-down of the Ottawa market could be the role of public service employment cuts in the local economy,” he said.
With the spring buying season gearing up, we’ll see whether there will be any significant changes in the stats next month.