Hottest April on record for resale housing market

Members of the Ottawa Real Estate Board sold 1,841 residential properties in April through the Board’s Multiple Listing Service® system compared with 1,591 in April 2009, an increase of 15.7 per cent. Of those sales, 425 were in the condominium property class, while 1,416 were in the residential property class.

“Last month’s sales blew away the record for April, which is always one of the busiest months of the year for our market,” said Board President Pierre de Varennes. “The increased sales activity may be partially due to buyers trying to avoid the impending HST and the mortgage changes that came into effect on April 19, but also demonstrates that consumers feel confident about our local economy,” he added.

The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $332,949, an increase of 11.6 per cent over April 2009. The average sale price for a condominium-class property was $254,220, an increase of 17.4 per cent over April 2009. The average sale price of a residential-class property was $356,617, an increase of 11.7 per cent over April 2009.

With particular reference to single level condominium apartments, MLS statistics for April 2010 show a total of 211 sales of apartments – a substantial increase of 55.1 per cent from April 2009. April 2010’s average sale price was $291,776, an increase of 20.7 per cent over the previous April. Of course these figures are averages for the entire city.  If you would like more specific statistical information, just call me.

With our resale market rolling along at high velocity, there is a great opportunity right now for both buyers and sellers before the usual slow-down of the summer vacation months. The threat of higher mortgage rates in the future should continue to stimulate the current situation.