Members of the Ottawa Real Estate Board sold 1,390 residential properties in February through the Board’s Multiple Listing Service® System, compared with 1,134 in February 2020, an increase of 23%.
“Resale properties are virtually flying off the shelves,” states Ottawa Real Estate Board President Debra Wright. “Even though our inventory is significantly lower than 2020 – a combined 46% decrease in housing stock for residential and condos – we witnessed a record number of sales in February 2021. How is that possible? Simply put, properties that come onto the market are selling very quickly.”
February’s average sale price for a condominium-class property was $407,671, an increase of 17% from last year, while the average sale price of a residential-class property was $717,914, an increase of 27% from a year ago. With year-to-date average sale prices at $701,778 for residential and $395,496 for condominiums, these values represent a 29% and 15% increase over 2020, respectively.
In addition to residential sales, OREB Members assisted clients with renting 674 properties since the beginning of the year compared to 498 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.