According to data from the Ottawa Real Estate Board, a total of 853 residential properties were sold in Ottawa during the month of February, a decrease of 1.7 per cent from the year prior. The sales figure is also below the five-year average for February, which is 914 units. On a month-to-month basis, however, overall residential sales increased by 226 units.

“Even though we had one of the coldest months on record, resales for the month of February are only slightly down from last year,” says David Oikle, President of the Ottawa Real Estate Board. “Looking at residential properties alone, 13 more properties were sold this February over last February – a 1.9 per cent increase; while the condo market on the other hand, has been a little slower to gain momentum. That being said, both residential and condo sales are up a total of 226 combined units since January and there are a total of 6,519 residential listings going into March – both telling signs that the spring market is fast approaching.”

Of the total February sales, 168 were condominiums. The average price of an Ottawa condominium property reached $267,880 in February 2015, a year-over-year increase of 3.8 per cent.

The average price of all residential properties in the Ottawa area, including condominiums, increased by 1.3 per cent on an annual basis.