Sales of homes in the Ottawa market increased 4.9 per cent in April compared to a year earlier. Ottawa Real Estate Board members sold 1,795 properties, beating the 1,613 5-year average.
“The April resale market continued its upward trend in units sold, just shy of a record set in 2010,” says Rick Eisert, President of the Ottawa Real Estate Board. “Sales activity is indicating a trend towards a seller’s market. Lower inventory, combined with increased demand, is creating many more multiple offer situations and quicker moving properties, with the average cumulative days on market dipping to just 71 days.”
Prices for a residential class property jumped 7.9 per cent year-over-year to $435,883 while condo-class home prices were up 2.9 per cent to $268,553.