Ottawa’s real estate market is slowly on the rise after struggling for several months, according to an Ottawa Real Estate Board news release.
April’s numbers show 1,573 properties were sold using the Board’s Multiple Listing Service system, compared to 1,568 in April of last year, an increase of 0.3 percent.
Last month’s sales included 302 in the condominium property class, and 1,271 in the residential property class.
In the press release, Tim Lee, President of the Ottawa Real Estate Board said that the late onset of warm weather saw the traditional “spring market” upswing happen later than usual.
“The Ottawa market is doing well, and gaining ground back since the “cool-down” of the market for the past five months,” said Lee. “We are on par with the strong sales of last April, and the resale market is up 34.9 per cent since last month.”
The average sale price of residential properties, including condominiums, increased 2.1 per cent from April 2012 to $371,565. The average price for a condominium-class property decreased compared to April of last year, down 2.3 per cent to $266,596. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked 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. All other residential-class property sales increased in average sales to $396,507, an increase of 2.9 per cent over April 2012.
Although they arrived late, it seems warm temperatures are here to stay and may cause changes to next month’s numbers.