March was the month of redemption for the Ottawa residential market where it generated record home sales.

Residential Market

• The residential market regained back its previous history of record sales growth with 1,302 residential homes sold in March compared to 1,165 residential homes sold in March 2017, an 11.8 per cent decrease.

• The majority of the residential home sales were in the $300,000 and $450,000 price range, accounting for 46 per cent of the residential market, and $500,000 and $750,000, which accounted for 21 per cent of residential home sales.

• Buyers bought mostly:
  • two-storey single-family homes - average price - $470,026 (previously $430,955 in March 2017)
  • three-storey single-family homes - average price - $507,227 (previously $478,668 in March 2017)
  • bungalows - average price - $422,034 (previously $392,397 in March 2017)
  • split-level - average price - $406,772 (previously $424,317 in March 2017)

• Most of the homes bought were in:
  • Carleton Place/Perth - average price - $326,296 (previously $278,509 in March 2017)
  • Metcalfe - average price - $480,519 (previously $438,336 in March 2017)
  • Kanata/Nepean - average price - $456,231 (previously $408,190 in March 2017)
  • Stittsville - average price - $469,471 (previously $454,998 in March 2017)
  • Orleans - average price - $426,637 (previously $403,487 in March 20)

Condo Market

• The condo market continued its consistent pace of record sales where 358 condo units were sold compared to 313 units sold in March 2017, a 14.4 per cent increase.

• The majority of the sales occurred in the $175,000 and $275,000 price range, accounting for 51 per cent of the condo market.

• The most sold units were: 
  • two-storey homes - average price - $231,054 (previously $226,149 in March 2017)
  • three-storey homes - average price - $298,760 (previously $311,489 in March 2017)
  • one-level homes - average price - $302,498 (previously $307,947 in March 2017)

• Most of the condos bought were in:
  • Central Ottawa - average price - $319,547 (previously $322,548 in March 2017)
  • Kanata/Nepean - average price - $230,945 (previously $216,794 in March 2017)
  • Orleans - average price - $230,657 (previously $221,178 in March 2017)

Increased Property Values For Single-Family Homes In Western & North-End Areas of Ottawa 

• Property values for single-family homes located along the Ottawa River, in Rockcliffe Park, New Edinburgh, Manor Park and west-end Ottawa continued to increase compared to March 2017. These top neighbourhoods were:

1. Rockcliffe Park - 35.9 per cent (average price: $1,573,600)
2. New Edinburgh/Lindenlea - 29.1 per cent (average price: $790,000)
3. Crystal Bay/Rocky Point/Bayshore – 24.9 per cent (average price: $468,800)
4. Manor Park/Cardinal Glen - 17.5 per cent (average price: $584,100)
5. Carlingwood/Westboro - 16.7 per cent (average price: $760,700)
6. Britannia Heights - 15 per cent (average price: $444,800)
7. Parkwood Park, Queensway – 14.4 per cent (average price: $422,500)
8. Overbrook/Castle Heights - 13.4 per cent (average price: $415,500)
9. McKeller Heights – 12.6 per cent (average price: $557,600)
10. Kanata - 21 per cent (average price: $431,100)

Tip: Did you take advantage of receiving a smart programmable thermostat being installed in your home for free? I certainly did where I discovered that the Ontario government introduced a program for homeowners to receive a no-cost smart thermostat, and a free in-home energy review to identify areas in your home where you can renovate and save money on your utility bills. To learn more about this program, you can visit the Green Ontario Fund website at: https://greenon.ca/en/programs/greenon-installations