Home sales down 15.9% in March

OBJ Staff
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Local home sales in March fell to the lowest level since 2009, even as average prices closed in on an all-time high, according to statistics released Thursday.

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Members of the Ottawa Real Estate Board sold 1,167 homes last month, a decrease of 15.9 per cent from the 1,388 homes that changed hands a year earlier.

However a local official said the drop-off was not entirely unexpected.

“The market was forecasted to slow down in 2013 as a result of recent mortgage changes, and indeed it has,” said Tim Lee, the president of the Ottawa Real Estate Board, in a statement. The OREB points to government layoffs as one reason for the slowdown.

Condominium sales did not decrease as sharply as the broader market, falling 8.3 per cent to 238 transactions.

Two-storey homes took the greatest drop in sales, falling 23.1 per cent to 530 properties.

The drop-off in sales sales did not pull down the average home price. Average prices increased one per cent year over year to $358,102.

That’s just shy of the highest average resale price in Ottawa, which was recorded last April at $364,077.

Organizations: Ottawa Real Estate Board

Geographic location: Ottawa

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Recent comments

  • Nick
    April 10, 2013 - 16:07

    Interesting observation - "one would be a fool not to buy a home at this time". Ottawa has been mostly civil servant's city in the last 10 years, and now with thousands losing their jobs in the government, I wonder who is going to be able to afford to pay for a house that is priced 5 times average family income ($69,000). Most of young people who work for government in Ottawa are holding temporary position with no hope of becoming full time. If interest rates increase by a few percents, lots of people will be struggling to pay their inflated mortgages. Also, look at the ROI on rental property investments in Ottawa - 0 or below 0 if you bought property in the last 10 years.

  • gabriel beaulieu
    April 09, 2013 - 09:20

    Buying a house in Ottawa is still a very good option. History clearly shows the stability of our market with only a few years where prices deflated marginally. Contrary to other major markets in the country, Ottawa's real estate market is always stable with small peaks and valleys. Also, compared to other big capitals of the world like Paris, London, Washington etc., Ottawa is still one of the most affordable places to buy a home, and with the favourable interest rates we are experiencing, I believe one would be a fool not to buy a home at this time.

  • Herry
    April 05, 2013 - 08:51

    with houses over valued and over priced, only fools will buy a house in ottawa !