Members of the Ottawa Real Estate Board sold 964 residential properties in November through the Board’s Multiple Listing Service® System, compared with 778 in December 2019, a year over year increase of 24 percent.
“Pent-up Buyer demand fueled the exceptional number of sales that took place in January even as the mid-month lockdown further restricted supply. Earlier in the month, listing activity increased, likely driven by those Sellers waiting until after the holiday season to put their properties on the market. However, once the Stay-at-Home Order was announced, Sellers pulled back (rightfully so) and the number of properties entering the market declined,” states Ottawa Real Estate Board President Debra Wright.
January’s average sale price for a condominium-class property was $380,336, an increase of 13 percent from last year, while the average sale price of a residential-class property was $677,197, an increase of 31 percent from a year ago. Compared to December, the average price for residential-class properties has increased by 12 percent, and the average price for condominium-class units is 7 percent higher.*
“Even though inventory is up from last month, it is still down substantially from last year at this time with 43% fewer properties on the market. This inventory shortage coupled with strong demand triggered a brisk pace to the market. We would have certainly seen higher sales numbers if there were more properties available because the demand is definitely there.”
In addition to residential sales, OREB Members assisted clients with renting 333 properties in January 2021 compared with 243 in January 2020.
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.