Ottawa Market Report
Home sales in Ottawa were down 22.8 percent for August 2021 from July 2020. The average sales price year-over-year saw the biggest increase with bungalows at a 13.3 percent with an average sales price of $635,886.
Members of the Ottawa Real Estate Board sold 1,572 residential properties in August through the Board’s Multiple Listing Service® System, compared with 2,006 in August 2020, a decrease of 22 percent. August’s sales included 1,175 in the residential-property class, down 25 percent from a year ago, and 397 in the condominium-property category, a decrease of 9 percent from August 2020. The five-year average for total unit sales in August is 1,684.
August’s unit sales followed a trajectory typical of the resale market’s summer months with a considerable decline in transactions compared to the spring and 9% fewer sales than in July (1,724). The number of properties changing hands was on par with August 2017 and 2018 figures.
Year-to-date resales are at 14,728 and are 24% higher than this period in 2020, which clearly indicates we are in the midst of another strong year in the Ottawa market.
August’s average sale price for a condominium-class property was $407,148, an increase of 6 per cent from last year, while the average sale price for a residential-class property was $674,449, an increase of 14 percent from a year ago.With year-to-date average sale prices at $722,526 for residential and $420,654 for condominiums, these values represent a 27 per cent and 18 percent increase over 2020, respectively.
Supply continues to remain scarce, and that is the driving factor behind these price increases. New listings were down 400 units from July and 500 units from last August and below the 5-year average for the first time this year since February. Although inventory is approximately 5-6% higher than last year for both residential and condominium property classes, we are only at about 1.5 months’ worth of housing stock. To achieve a balanced market, we need 4-6.5 months’ supply of inventory.
OREB Members also assisted clients with renting 3,182 properties since the beginning of the year compared to 2,232 at this time last year.
Read more about the Ottawa July 2021 Market Report here: https://www.oreb.ca/newsroom/2021/
Posted by Kevin Sharpe on