Members of the Ottawa Real Estate Board sold 1,572 residential properties in August through the Board’s Multiple Listing Service® System, compared with 2,006 in August 2020, a decrease of 22%.
“August’s unit sales followed a trajectory typical of the resale market’s summer months with a considerable decline in transactions compared to the spring and 9% fewer sales than in July (1,724). The number of properties changing hands was on par with August 2017 and 2018 figures. The reason we see a sharp decrease compared to last year’s numbers is due to the first wave lockdown in spring 2020, which shifted that market’s peak to the summer and fall months,” states Ottawa Real Estate Board President Debra Wright.
August’s average sale price for a condominium-class property was $407,148, an increase of 6% from last year, while the average sale price for a residential-class property was $674,449, an increase of 14% from a year ago. With year-to-date average sale prices at $722,526 for residential and $420,654 for condominiums, these values represent a 27% and 18% increase over 2020, respectively.*
OREB Members also assisted clients with renting 3,182 properties since the beginning of the year compared to 2,232 at this time last year.
Here’s a breakdown of the average sale prices & year & over-year increases/decreases in Ottawa:
If you’re a potential home buyer or seller, and in a situation where it is essential that you buy or sell a property right now, there are means to do this in a safe and prudent manner. Do not hesitate to contact one of our agents to discuss-plan and protect you through this unique period. We have been working hard to move the majority of our business online so your entire real estate transaction can be completed virtually and safely. Get the scoop of our featured listings here.
Disclaimer: The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.