Warmer weather helped boost home sales in Ottawa in May, Ottawa Real Estate Board president Shane Silva said Monday.
“Units sold are up 207 since April, increasing in both the residential and condominium property class,” Mr. Silva said in a statement.
OREB members sold 1,921 properties in May, down slightly from the 1,926 sold in May 2015.
In May, 1,614 of the sales were in the residential property class while the remaining 307 were condominiums.
Mr. Silva said the 3,635 listings in May kept up April’s pace but was down 4.4 per cent from May 2015.
“With the number of sales since the beginning of the year on a steady incline, coupled with increased inventory, Ottawa is riding a strong and steady spring market,” he said.
At $406,063, the average price for a residential property was up 0.6 per cent from last year, while the average condo price was up 1.5 per cent to $264,801.
“The hottest segments in our market for May were sales in the $300,000 to $400,000 price range, followed by the $400,000 to $500,000 price range,” Mr. Silva said.