January resales were the highest in decades, according to the Ottawa Real Estate Board. Despite intense cold and record-breaking snowfalls, board members sold 820 residential properties through the Multiple Listing Service (MLS) System.
That was up almost 16 per cent compared to the 708 sold in the same month last year and well ahead of the five-year average of 683.
“January is typically one of the slowest months of the year,” said the board’s 2019 president, Dwight Delahunt, in a statement. But this year, “buyers are extremely motivated, despite the weather, and properties are moving very quickly as days on market continue to decline.”
Condos still leading
In keeping with last year’s trend, increases in condo sales outpaced those in other properties during January. Condo sales jumped 20.8 per cent, while other properties increased just over 14 per cent.
Condos also led the way in price increases, growing 7.7 per cent in January to an average of $283,990. Other properties increased 1.5 per cent to $432,829.
Despite very low inventory, the growth in resale home prices shows “reasonable appreciation,” Delahunt said, adding that unlike Toronto and Vancouver, Ottawa has seen the steady construction of new homes, and that adequate housing supply has helped restrain price growth.
“The fact is there is quality affordable housing available for almost every level of home buyer in Ottawa.”
As to the upcoming resale market, Delahunt deferred to Ontario’s most famous gopher. “Based on last month’s sales, I’d say we go with Wiarton Willie’s prediction — it will likely be an early spring for the real estate market as well.”