Ottawa Houses Selling Like Hotcakes

A record number of homes were sold in major Canadian cities during the first quarter. In Ottawa, records were set for the number of new listings and average listing price.

On a seasonally adjusted basis, the number of homes listed and sold on the MLS totalled 86,861 during the first three months of the year.

That's up 2.3% from the fourth quarter, and is one-tenth of a percentage point above the previous record, set in the third quarter of 2005.

The strength of the housing market this year continues to surprise, despite rising home prices and slightly higher interest rates.

The number of new listings broke records in Ottawa, Victoria, Toronto, St. Catharines and Saint John, and, across the country, new listings in March of 46,265 represented the highest level since May 1991. Klump credited several factors for the market's buoyancy, including affordable mortgages and rising incomes.