Members of the Ottawa Real Estate Board sold 1,677 residential properties in October through the Board’s Multiple Listing Service® System, compared with 2,132 in October 2020, a decrease of 21%.
“October’s resale market was active, busy, and stable – and followed the typical (pre-pandemic) ebb and flow that we commonly see as we enter the fall season,” states Ottawa Real Estate Board President Debra Wright. “The number of transactions increased slightly over September (1,607) as well as the 5-year average. The only reason we see a year-over-year decrease in comparison to last October is because 2020’s sales peak had shifted from the spring months to September/ October due to the initial Covid-19 lockdown.”
The average sale price for a condominium-class property in October was $404,760, an increase of 10% from 2020, while the average sale price for a residential-class property was $716,378, an increase of 19% from a year ago. With year-to-date average sale prices at $720,150 for residential and $419,515 for condominiums, these values represent a 24% and 16% increase over 2020, respectively.*
OREB Members assisted clients with renting 4,012 properties since the beginning of the year compared to 2,829 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.