From the blog...

Ottawa Market Update for March, 2013

Posted on: April 4th, 2013 by Chris Scott

The market was forecasted to slow down in 2013, mostly as a result of recent mortgage changes, and indeed, the Spring Market is showing a moderating trend.  Members of the Ottawa Real Estate Board sold 1,167 residential properties in March through the Board’s Multiple Listing Service® system, compared with 1,388 in March 2012, a decrease of 15.9 per cent.

The experts tell us that the recent changes to mortgage rules and guidelines has largely impacted first-time buyers, forcing them to focus on more affordably priced homes.  Those who were actively shopping had to stop and re-evaluate how much home they could afford to finance.  In spite of this, the Ottawa Market is still described as steady and stable – not going up or down drastically.

The average sale price of all residential properties, including condominiums, sold in March in the Ottawa area was $358,102, an increase of one per cent over March 2012. The average sale price for a condominium-class property was $267,604, a decrease of 4.1 per cent over March 2012. The average sale price of a residential-class property was $386,197, an increase of 2.7 per cent over March 2012.

Every neighbourhood is different.  If you are interested in knowing what your house might be worth on today’s market, or if you have any real estate questions, please give me a call.


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