Members of the Ottawa Real Estate Board sold 1,724 residential properties in May through the Board’s Multiple Listing Service® System, compared with 2,183 in May 2020, a decrease of 21%.
“July’s unit sales followed the traditional cycle of the spring and summer markets, which tend to peak around April or May and then slow down as Buyers and Sellers turn their attention to their vacations and other outdoor recreational activities,” states Ottawa Real Estate Board President Debra Wright. “This year’s figure is closer to 2019’s (1,838 sales) and just shy of the 5-year average, with the slight decline in transactions perhaps due to the combination of summer and the reopening of the economy last month. Certainly, the marked decrease from last year’s July sales is due to the spring 2020 lockdown, which had shifted the 2020 resale market’s peak to the summer and fall months,” she adds.
July’s average sale price for a condominium-class property was $419,545, an increase of 17% from last year, while the average sale price for a residential-class property was $685,426, an increase of 17% from a year ago. With year-to-date average sale prices at $728,107 for residential and $422,339 for condominiums, these values represent a 30% and 20% increase over 2020, respectively.*
OREB Members also assisted clients with renting 2,706 properties since the beginning of the year compared to 1,883 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.