Michael Arthur
Michael Arthur

by Michael Arthur

Tuesday, May 30, 2017

The Ottawa real estate market is not slowing down anytime soon as resale properties contributed to a 28% increase in properties sold in the residential market in March, compared to the same month last year. The contributing factors to this sales growth record were:

  • a substantial number of residential and condo properties in the $1 million+ price range being sold. Seven additional residential units and four additional condo units were sold this month compared to March 2016;
  • the majority of the sales were in residential properties priced in the $300,000 to $399,999 price range, followed by $400,000 to $499,000 range, which accounted for 53.7 per cent of the residential market;
  • most condominiums priced in the $150,000 to $249,999 price range being sold, which accounted for 51.2 per cent of the condominium market;
  • buyers preference to purchase: 1 1/2-storey, 2-storey and 3-storey properties; bungalows; hi-ranch properties, and split-level properties; and,
  • condo buyers purchasing mostly 2-storey, 3-storey, and one-level properties.

Sellers and homeowners owning single-family properties benefitted from significant average price increases in March compared last year in the following neighbourhoods: Hunt Club/Windsor Park (a 12 per cent increase to $447,400), Manotick  (10.6 per cent increase to $428,000), Hintonburg (a 8.8 per cent increase to $411,300) and Stittsville (a 7.8 percent increase to $402,100).

Home Buying Tip: As a buyer, it is critically important to have a home inspection as a condition of your offer to purchase a property. A home inspection identifies any potential problems that may exist within a property (i.e. structural/water damage etc.). Without a home inspection, you may face significant repair costs and potential environmental hazards that can negatively affect you and your family’s health and well-being. Think of a home inspection as a “peace-of-mind” that protects you, as a buyer, from future problems that may occur once you move into your dream home.

About the writer

Michael Arthur is a realtor with RE/MAX Core Realty Inc., who specializes in residential properties and leasing of commercial properties. He works with various clients that include first-time home buyers, real estate investors, business owners, renters, and homeowners who are going through life transitions, ranging from divorce to personal bankruptcy. He can be reached at (613) 890-SOLD (7653). Website: miketheagent.ca