Happy Springtime Everyone!!!
As you may know by now, Ottawa’s real estate market is following the Canadian trend of being red hot right now. Nice to see home sales coming out of a fairly sluggish few years and getting back into a Seller’s market.
Here is a quick snapshot of the stats:
In March of 2017, Realtors sold 1485 residential properties. This is a huge increase of 28% over March of 2016, where Realtors sold 1160 residential properties.
Average sale price for a residential home is also up 5.3% over March of last year, with average pricing at $415,467. And surprisingly, the average sale price for a condo is also up 5.3% over this time last year. Nice to see condos showing some positive growth again 🙂
(It is important to note that these numbers will definitely vary between neighborhoods and property classes, and every property will vary somewhat).
Another positive sign for Ottawa’s market, is the increase in demand for homes over $1million. Ottawa saw 50 properties sell over $1million in the first quarter of 2017. Buyer’s are showing a lot of confidence this year, and it doesn’t appear to be slowing down any time soon.
And even more news of things heating up here in the OTT, take a look at this condo building by Surface Developments, that sold out in 1 day last month. This is a prime example of the perfect combination of great location and reasonable pricing. Check out the Parkdale Market condo article here.
So there you have it. For those who are buying right now, be prepared cuz there’s a strong chance you’ll be in a bidding war. Knowledge of the markets and home values is more important than ever right now, and it’s the time to be laser focused on what you’re targeting. For more info on what to buy, and how to secure a great property, contact me asap.
Realtor/Sales Representative. Residential & Commercial.
Capital Homes Realty
2059 Meadowbrook Rd, Ottawa, ON
Cel: 613 262 1697
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