April sales return to pre-HST levels

Members of the Ottawa Real Estate Board sold 1,536 residential properties in April through the Board’s Multiple Listing Service® system compared with 1,814 in April 2010, a decrease of 15.3 per cent. The five-year average for home sales in April is 1,612. Of April’s sales, 316 were in the condominium property class and 1,220 were in the residential class.

The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $346,148, an increase of 4.9 per cent over April 2010. The average sale price for a condominium-class property was $253,763, an increase of 6.5 per cent over April 2010. The average sale price of a residential-class property was $375,364, an increase of 5.6 per cent over April 2010.

“Sales in April 2010 soared well above average in advance of the implementation of the Harmonized Sales Tax in Ontario in Ontario last July. Normally in Ottawa, we see a brisker sales period beginning at the end of April or early may, but last year’s spring market started earlier due to the HST. That surge in sales pushed April’s five-year average up significantly: it’s not out of the ordinary for 1,500 homes to be sold in April in our market,” said Board President Joanne Tibbles. “Home prices still continued to rise at the usual moderate rate last month, demonstrating a solid demand for resale homes. Resale inventory is up 17.2 per cent from this time last year, indicating the Ottawa is clearly in a healthy, balanced market,” Tibbles added.

With particular reference to single level condominium apartments, MLS statistics for April 2011 show a total of 145 sales of apartments while in April 2010 the total was 189. April 2011’s average sale price was $278,302, a decrease of 3 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.

We, in the real estate business are happy, busy and optimistic. So are the buyers and sellers. Finally the weather is spring- like so let’s all enjoy the new energy this season brings!

Don’t hesitate to call me for an informal chat if you have any questions.