Members of the Ottawa Real Estate Board sold 1,005 residential properties in February, compared with 978 in February 2018, an increase of 2.8 per cent. February’s sales included 756 in the residential property class, a rise of 3.8 per cent from a year ago, and 249 in the condominium property class, a decrease of 0.4 per cent from February 2018. The five-year average for February sales is 949.
“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,” Delahunt said in a statement. “If we had more supply, our unit sales would be even greater.”
The average sale price of a residential-class property last month was $466,540, up 8.6 per cent over February 2018. Condos sold for an average of $288,354 in February, a jump of 5.6 per cent from a year earlier.
The $300,000-to-$449,999 range continued to be the most active price point in the residential market, accounting for nearly 44 per cent of February’s sales, while 26 per cent of residential sales were in the $500,000-to-$750,000 price range. Condos priced between $175,000 and $274,999 remained the most sought-after in that market segment, constituting 48 per cent of the units sold.
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