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Ottawa's resale housing sales soar, prices stable in April

Ottawa’s real estate market warmed up nicely in April as the annual spring demand for housing began to ramp up, according to the Ottawa Real Estate Board.

The board’s monthly analysis of Ottawa’s resale housing market reported a total of 1,714 resale homes were sold during the month, a 9.4-per-cent jump over the 1,567 sold in April 2015.

It was the busiest April for resale sales since 2010 and the second busiest on record, according to the board.

Both condominium and residential segments of the resale market showed gains in April. The board said 1,450 residential resale properties were sold, a 10.7-per-cent increase over the 1,310 sold a year ago.

The condominium segment saw smaller gains: 264 resale condo units sold last month, a 2.7-per-cent increase over the 257 that sold a year ago.

However, while sales were up, selling prices appear to have stabilized in the capital. According to the board, the average selling price of a residential resale property in April 2016 was $403,603, up 0.2 per cent over the $402,881 a year ago.

The average selling price of a condo in April 2016 hit $261,017, up 1.8-per-cent decrease over the $265,726 average in April 2015.

The board noted 4,382 resale homes have been sold in Ottawa over the first four months of 2016, a 3.2-per-cent rise over the 4,245 resales home for the same period last year.

Source: Ottawa Citizen, vito Pilieci, 5 May 2016