Ottawa house prices climbed eight per cent to an average of $447,600 in March compared to a year earlier, while prices for condominiums edged up just 0.7 per cent to $275,600, according to data published Thursday by the Ottawa Real Estate Board.
These averages reflect the sale of some 1,660 residential properties sold last month through the board’s multiple listing service. They do not include data from the sale of new homes.
The number of properties available is somewhat constrained, with some 4,600 active listings at the end of March compared to nearly 6,000 a year earlier, which may have contributed to the rise in prices. To put the number of listings in context, the board represents some 3,000 sales reps and brokers in the Ottawa area.
Properties are selling faster, suggesting the market may be shifting in favour of sellers.
Residential properties sold in March had averaged 39 days on the market compared to 47 days in March 2017, while it took 58 days on average to sell a condominium compared to 78 days a year earlier.
Prices fetched through the sale of condominiums varied considerably by district. In March, these jumped fastest in the east (up 7.4 per cent to an average of $284,200) and were weakest in the downtown core (down 5.1 per cent year over year to $392,500).
Condo prices improved 4.3 per cent in the south (to $236,900) and 3.3 per cent in the west (to $330,700).