Ottawa Housing Market In April: Realtors in Ottawa had another very strong month in April. In fact, residential home sale volume in Ottawa was up over 9 per cent from April 2015. Licensed real estate agents sold 1,714 residential properties in April 2016 using the Ottawa MLS system, compared with 1,567 in April 2015. The five-year average for April sales is 1,568 which further shows a solid Ottawa housing market in April.
“The Ottawa resale market continued its steady pace upwards in April, making it the best April for unit sales on record since 2010,” comments the President of the Ottawa Real Estate Board, Shane Silva, . “Units sold are up 548 since March, increasing in both the residential and condominium property class.”
Ottawa condos: 264 condos sold for an average sale price of $261,017, a decrease of 1.8 per cent over April 2015.
Freehold type homes: 1,450 units sold in April 2016 for an average price of $403,603 which is an increase of 0.2% compared to April last year.
“In April, 3,644 homes were listed, up 13.8 per cent since March, and down by 2.8 per cent over April 2015,” says Silva. “Inventory levels at the end of the month remain healthy heading into, what is normally, the most active month of the year for Ottawa Real Estate Board Members.”
The most popular price range continues to be between homes that cost $300,000 and $400,000 followed by less expensive homes between $200,000 to $300,000. Two storey singles and town homes as well as bungalows are the most demanded type of homes in Ottawa.
“The hottest segments in our market for April were sales in the $300,000 to $400,000 price range, followed by the $200,000 to $300,000 price range,” says Silva. “Residential two-storey and bungalows have the highest concentration of buyers in April. In addition to residential and condominium sales, OREB Members have assisted clients with renting 937 properties since the beginning of the year.”
With historic low interest rates this year is shaping up to be another solid year for the Ottawa housing market. If you are thinking to stop renting and become a first time home buyer, upsizing or downsizing make sure to call us for our best mortgage rates in Ottawa. We would be glad to find you the best mortgage solution for your real estate plans!
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