The average price for residential properties in Ottawa sold in May jumped 7.4 year over year to $436,600, the Ottawa Real Estate Board reported Friday. It’s the second month in a row that has seen prices increase in excess of seven per cent, suggesting Ottawa’s real estate market is strengthening in favour of sellers.
Certainly agents are seeing multiple offers for new listings, particularly for single family homes in popular districts to the west and south of the downtown core. Toronto investors are now on the scene, hunting for real estate investments that don’t cost the moon. “I’ve had six clients from Toronto looking for properties,” said one agent who did not want to be named.
Certainly the number of transactions in Ottawa picked up in May.