January home sales up 11.5% in Ottawa

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Ottawa realtors kicked off 2017 by setting a five-year high for home sales in January, traditionally one of the local market’s slower months.

Members of the Ottawa Real Estate Board sold 667 homes last month, an 11.5 per cent increase over the previous year, the association said Friday.

“The year is off to a great start, with sales up over this time last year,” said OREB president Rick Eisert in a statement. “The number of properties listed in January has doubled the amount listed in December, which is very typical of sellers getting a jump start on the spring selling season.”

The average resale price, which can fluctuate from month to month, was $394,001. While that’s up 1.9 per cent over January 2016, it’s a drop from December’s record-setting average price of $420,750.