The first two months of 2018 have been very busy for resale residential real estate in Ottawa. We had 3 multiple offer situations for sellers in the last week of February, and one of those went for $105,000 over asking! All of these properties were detached freehold, but condos are doing very well too.
It appears that condos are recovering from the doldrums that they’ve been in ever since the federal government started fiddling with the mortgage rules beginning in 2011. Number of sales is up in every one of the past 12 months (significantly in March and May of 2017). And year-over-year, for the 12 months March to February, condo sales were up over 26% and prices averaged an increase of over 6%! And prices were up in every month except November and December 2017!
Freehold properties are doing well also(as per our multiple offers above), though not with quite the same gusto as condos. The month of February shows just a smidge of increase on average price, and a decrease in number of sales. But the twelve month year-over-year figures appear very healthy – up almost 6% in average price, and almost 10% in number of sales.
We’re always happy to hear from our clients, and to meet new ones. Let us know if you have any questions concerning this or any other real estate topic – just contact us.