Members of the Ottawa Real Estate Board (OREB) sold 1,396 residential properties in March through the Board's MLS® system, compared with 1,240 in March 2011, an 12.6 per cent increase.  The 5 year sales average for March is 1,276.

March's sales included 277 in the condominium property class, and 1,119 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

"Along with the increasing temperatures and the arrival of spring, March saw a substantial increase in residential sales," notes Ansel Clarke, President of the OREB. "With interest rates continuing to be low, it is no surprise that the market remains healthy and balanced."

The average sale price of Ottawa residential properties (including condos) was $353,684, a 2.1% increase over March 2011. The average sale price for a condominium-class property was $267,308, an increase of 5.7% over March 2011. The average sale price of a residential-class property was $375,065, a slight decrease of 0.2 per cent over March 2011.

Source : Ottawa Real Estate Board