Ottawa Market Report

Home sales in Ottawa were down 20.9 percent for July 2021 from July 2020. The average sales price year-over-year saw the biggest increase with bungalows at 18.6 percent with an average sales price of $648, 689.

Members of the Ottawa Real Estate Board sold 1,724 residential properties in July through the Board’s MLS® System, compared with 2,183 in July 2020, a decrease of 21 percent. July’s sales included 1,312 in the residential-property class, down 20 percent from a year ago, and 412 in the condominium-property category, a decrease of 24 percent from July 2020. The five-year average for total unit sales in July is 1,775.

July’s average sale price for a condominium-class property was $419,545, an increase of 17 percent from last year, while the average sale price for a residential-class property was $685,426, also an increase of 17 percent from a year ago. The year-to-date average sale prices at $728,107 for residential and $422,339 for condominiums, represent a 30 percent and 20 percent increase over 2020, respectively.

Overall, average prices have increased considerably from 2020, and year-to-date values are holding steady. Still, Sellers will need to keep in mind that the multiple offer frenzy experienced previously is no longer the norm, and they may need to have more realistic expectations when positioning their homes and settling on a listing price with their Realtors.

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.

Read more about the Ottawa July 2021 Market Report here: https://www.oreb.ca/newsroom/2021/ 

Posted by Kevin Sharpe on
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