Members of the Ottawa Real Estate Board sold 1,459 residential properties in November through the Board’s Multiple Listing Service® System, compared with 1,605 in November 2020, a decrease of 9%.
“Although the resale transactions in November were down compared to a year ago, this is because 2020’s peak market activity shifted to later in the year due to the initial pandemic lockdown. In reality, November’s unit sales tracked 14% higher than 2019 (1,284), a more relevant base year for comparison,” states Ottawa Real Estate Board President Debra Wright.
The average sale price for a condominium-class property in November was $432,099, an increase of 19% from 2020, and the average sale price for a residential-class property was $716,992, also increasing 19% from a year ago. With year-to-date average sale prices at $719,956 for residential and $420,762 for condominiums, these values represent a 24% and 16% increase over 2020, respectively.*
OREB Members also assisted clients with renting 4,458 properties since the beginning of the year compared to 3,120 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.