The Budget doom and gloom has not had a damper on the volume of sales in the national Capital Region; nor the prices. Here is what the President of the Ottawa Real Estate Board wrote in his monthly letter:
Members of the Ottawa Real Estate Board sold 1,396 residential properties in March through the Board's Multiple Listing Service® system, compared with 1,240 in March 2011, an increase of 12.6 per cent. The five-year average for March sales is 1,276.
March's sales included 277 in the condominium property class, and 1,119 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"Along with the increasing temperatures and the arrival of spring, March saw a substantial increase in residential sales," notes Ansel Clarke, President of the Ottawa Real Estate Board. "With interest rates continuing to be low, it is no surprise that the market remains healthy and balanced."
The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $353,684, an increase of 2.1 per cent over March 2011. The average sale price for a condominium-class property was $267,308, an increase of 5.7 per cent over March 2011. The average sale price of a residential-class property was $375,065, a slight decrease of 0.2 per cent over March 2011. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.