Members of the Ottawa Real Estate Board sold 1,189 residential properties in March through the Board's Multiple Listing Service® system, compared with 1,160 in March 2013, an increase of 2.5 per cent.
March's sales included 245 in the condominium property class, and 944 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $358,741, an increase of 0.3 per cent over March 2013. The average sale price for a condominium-class property was $251,580, a decrease of two per cent over March 2013. The average sale price of a residential-class property was $386,553, an increase of 0.2 per cent over March 2013. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
Note from the Ottawa Real Estate Board: Due to an input error when collecting our March statistical reports, the stats we previously released were found to be incorrect. This error caused us to under-report the number of units sold, consequently affecting the average sales prices. We have now rerun the reports and have provided you with the correct, updated statistics for the month of March 2014. We have put procedures in place to ensure that this will not happen again. We sincerely apologize for any inconvenience this may have caused.
The Ottawa Real Estate Board is an industry association of over 3,000 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.