Ottawa Market Update – March 2017

Now is the time to consult with an Ottawa mortgage broker if you are in the market to purchase a home.

According to the Ottawa Real Estate Board, the resale market is off to a great start this year and is expected to lead to a great positive trend for the Ottawa market.

Residential resales in the month of January rose nearly 17% over the same month a year before, which has also translated into more home sales overall

The sale of residential properties showed an increase of 11.5% year over year for the month of January, rising from 598 properties sold in 2016 to 667 in 2017. This figure is a significant amount over the five-year average of 614 for residential sales in the month January. Of the 667 homes that were sold in January of 2017, only 119 were listed in the condominium-class.

Those who are looking to purchase a home in the Ottawa area shouldn’t worry, though! While there has been a sharp increase in home sales over the last couple months, there has also been a large influx of new listings on the market. In fact, the number of homes listed for sale in January was double that of December.

The majority, 35.2 %, of homes sold in January were in the $300,000 – $399,999 price range. The average sale price of residential homes sold in January was recorded at $394,001, only a slight 1.9% higher than the same month a year before. This, again, is great news!

The consistency and stability of these statistics is a testament to the health and strength of the current Ottawa market and a great prediction of what is to come.

There is nothing better than to be able to confidently purchase property in a stable and growing local market and economy.

Ottawa is a great place to find the home of your dreams and as your trusted Ottawa mortgage broker, I am here to help you finance that dream!

Whether you are looking to take advantage of such a solid market and purchase a home, or have considered refinancing your existing mortgage, give us a call today to find out how I can be saving you money!