It appears that the Ottawa real estate market is finally beginning to pick up. After speaking with numerous agents, we found an overwhelming consensus that the first quarter of 2014 started out very slow overall. Most agents we spoke with had the same feelings towards the market in that it was over saturated. There were simply too many homes for sale, but not enough buyers. The good news for agents is that it looks like the market has turned the corner since May and things are looking up heading into June and the rest of summer.
According to OREB, home sales rose as high as 26% in May and were above the five year May average from previous years. But even with the amazing month of May, sales are still down overall for the year, which goes to show how much of a rough start the year has been for the Ottawa real estate market.
The average price of homes in Ottawa for may comes in at $381,172 which is a 3.2% increase from May 2013. Single family homes were sold at an average of $401,626, while condos sold at an average of $280,661. OREB also noted that while sales in May were up overall, the sales of condos were in fact down just over 7% compared to last May.