From the blog...


Posted on: April 5th, 2017 by Chris Scott


The Ottawa Real Estate market is heating up. Price gains for both residential and condo units are up 5.3% year over year. The average sale price of a residential property was $415,467 and $272,597 for condos.  Sales are up 28% over last year and we are just shy of the all-time record for March sales.

The core of the city is as active as I have seen it in years. There are limited inventory and lots of demand. This has created many situations where sellers are getting much more than asking price. In one instance I witnessed a home sell for 100k over asking price.  It is a challenging market for buyers right now. Especially in the areas around Wellington village and Hintonburg. These areas are experiencing multiple bids on almost every house!

In the suburbs, the economics are more balanced. There is a reasonable amount of inventory and multiple bid situations are rarer. However, it is more active than in years past. It is going to make for a very interesting Spring market.  The traditional busy season is still yet to be upon us.

The market has different patterns depending on your neighbourhood and category of home. If you are interested to know what’s happening in your neighbourhood, feel free to get in touch.

Ottawa Monthly Stats for Newsletter

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