A Great Start to 2010 for Ottawa’s Housing Market

Members of the Ottawa Real Estate Board sold 713 residential properties in January through the Board’s Multiple Listing Service® system compared with 529 in January 2009. This is an increase of 34.8 per cent.

“These numbers are more in line with what we might expect for a typical January, whereas 2009 started off abnormally slow due to uncertain financial and market conditions worldwide,” said Board President Pierre de Varennes. “Although inventory remains low, we expect that will change as head into the spring market and interest rates remain low,” he added.

The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $320,966, an increase of 11.4 per cent per cent over January 2009. The average price for a condominium property was $259,273, an increase of 22.5 percent over January 2009. The average price for a residential property was $338,244, an increase of 8.2 per cent over January 2009.

With particular reference to single level condominium apartments, MLS statistics for January 2010 show a total of 75 sales of apartments – an increase of 74.4 per cent from January 2009. January 2010’s average sale price was $303,416, an increase of 18.4 per cent over the previous January. These figures of course are averages for the entire city.  If you would like more specific statistical information, I’ll be happy to provide it.

I believe that this month a brand new market will start to pop and we’ll be running as fast as we can to service all the buyers and sellers who recognize that there is an opportunity to be grasped right now.  Let’s hope the mortgage rates stay low and everyone will benefit.