Members of the Ottawa Real Estate Board sold 2,285 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,514 in March 2020, an increase of 51%.
“A few factors contributed to the high number of resales in March,” states Ottawa Real Estate Board President Debra Wright. “Typically, real estate is heavily influenced by the weather, and we had remarkable and unseasonably warm temperatures last month, which facilitated Buyers’ ability to view and purchase homes.”
March’s average sale price for a condominium-class property was $437,041 an increase of 18% from last year, while the average sale price for a residential-class property was $758,802, an increase of 35% from a year ago. With year-to-date average sale prices at $729,897 for residential and $415,054 for condominiums, these values represent a 32% and 17% increase over 2020, respectively.*
In addition to residential sales, OREB Members assisted clients with renting 1,079 properties since the beginning of the year compared to 746 at this time last year.
Here’s a breakdown of the average sale prices & year & over-year increases/decreases in Ottawa:
If you’re a potential home buyer or seller, and in a situation where it is essential that you buy or sell a property right now, there are means to do this in a safe and prudent manner. Do not hesitate to contact one of our agents to discuss-plan and protect you through this unique period. We have been working hard to move the majority of our business online so your entire real estate transaction can be completed virtually and safely. Get the scoop of our featured listings here.
Disclaimer: The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.