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Ottawa Market Update, March 2019 - Chantel Brownlee
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Ottawa Market Update, March 2019 Posted on: April 6th, 2019 by Chantel Brownlee Spring is coming, but where are all the houses for sale? Members of the Ottawa Real Estate Board sold 1,511 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,654 in March 2018, a decrease of 8.6 per cent. March’s sales included 1,136 in the residential property class, a drop of 12.4 per cent from a year ago, and 375 in the condominium property class, an increase of 5 per cent from March 2018. The five-year average for March unit sales is 1,402. A lack of inventory is resulting in reductions in days on market – properties are selling quickly and buyers are often facing multiple offers. These are signs of a “sellers’ market” but it is a very stressful time for buyers. Sellers, too, are facing problems finding a home to buy which is why they aren’t listing! Condo units in the entry-level range are becoming hard to find as first-time h...
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Chantel Brownlee
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