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Ottawa Listings

February Buyers Snap Up Limited Inventory

Members of the Ottawa Real Estate Board sold 1,005 residential properties in February through the Board’s Multiple Listing Service® System, compared with 978 in February 2018, an increase of 2.8%. 
Ottawa Real Estate Board. March 5, 2019

February’s sales included 756 in the residential property class, a rise of 3.8%from a year ago, and 249 in the condominium property class, a decrease of 0.4% from February 2018. The five-year average for February sales is 949.

The average sale price of a residential-class property sold in February in the Ottawa area was $466,540, an increase of 8.6% over February 2018. The average sale price for a condominium-class property was $288,354, an increase of 5.6%from this month last year.

“February has been a strong month, and with year-to-date unit sales 8% higher in both the condo and residential categories, it is looking very favourable for the spring market,” states Ottawa Real Estate Board’s 2019 President, Dwight Delahunt.

“Days on market continue to decline, and although inventory has fallen to its lowest level in many years, we are still managing to satisfy demand even with 900 fewer listings than this time last year,” he adds. “If we had more supply, our unit sales would be even greater.”

“The Ottawa market is well ahead of inflation in regards to average prices for both condo and residential properties. We are in a comfortable position and remain one of the most affordable markets in the country,” Delahunt points out.

“If you are thinking about selling, don’t wait – get a jump on the spring market! Now is the time to have a conversation with your REALTOR® who understands the best way to position your home in the market and has the experience to guide you through its complexities,” Delahunt suggests. “This is the type of market you certainly wouldn’t want to navigate without one.”

In addition to residential and condominium sales, OREB Members assisted clients with renting 342 properties since the beginning of the year.