Achi news desk-
Home sales and prices rose in March, as Ottawa’s real estate market showed “early signs of a busy spring market,” according to a new report.
The Ottawa Real Estate Board says 1,165 homes and condominiums were sold in Ottawa last month, up 10 per cent from March 2022.
Although the total number of homes sold was 21 per cent below the five-year average, the board says there is reason for optimism in the real estate market ahead of spring.
“Ottawa’s real estate market is generally healthy, providing fertile ground for an active spring and summer ahead,” said Curtis Fillier, president of OREB, ​​in a statement.
“The increase in new and active listings shows that sellers are feeling more confident, boosted by the increase in showing activity. However, buyers are not acting as quickly as they should be – likely because affordability and supply are still roadblocks. “
The Ottawa Real Estate Board says home prices increased by 2.7 per cent in March compared to a year earlier. The average sale price was $636,700 in March 2024.
Statistics show the benchmark price for a single-family home was $719,000 (up 2.6 percent), $489,800 for a townhouse/row unit (up 0.9 percent from March 2023), and $423,200 for a condominium . The average sales price for a single-family home in Ottawa was $710,070 in March 2023.
The Ottawa Real Estate Board says there was a 13.5 per cent increase in new listings in Ottawa, with 2,074 new residential listings last month. There were 2,543 active residential listings on the market at the end of March.
“But there is something around the corner in this market,” Fillier said.
“People have adapted to post-pandemic life and that means re-examining their housing needs. Some are moving to a smaller home or moving in from the outskirts of the city. Others are looking at more suitable properties that better meet all their needs, which were not accessible to them in the peak pandemic market.
“That creates pressure from multiple angles on the mid-range property market, which we know is tight to begin with in Ottawa.”
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