Members of the Ottawa Real Estate Board saw a more normal September compared to last year’s “COVID-19” influenced fall market. Though there was a dramatic decrease in properties sold compared to last September, it is still an increase relative to 2018 and 2019 trends.
According to OREB President Debra Wright, “Although the statistics are showing a considerable year-over-year decrease in transactions, this anomaly is due to the shift of the 2020 market’s peak activity to the summer and fall months as a result of the initial Covid-19 lockdown last spring. If we look beyond the comparison to last year, the number of transactions in September was 4% higher than in 2019 (1,547) and 16% higher than 2018 (1,387).”
Ottawa Market Snapshot
Residential average sale prices increased by 13% from last September to $702,155. Condominium average sale prices were $425,362, which is a 14% increase.
The average days on market paralleled August, however compared to 2020 in the residential class it was a 7.2% increase to 18 days and 30.1% increase to 22 days for condominiums.
1,244 residential properties were sold, a decrease of 29%. Condominiums sold reached 363 which is a 36% decrease.
“While inventory has improved slightly from the pre-pandemic years (2017- 2019), it is still the principal cause for concern with just over one month’s supply in the housing stock at this time. There were 2,252 new listings in September, an increase of 216 units over August; however, the number still falls beneath the five-year average and is much lower than this month in September 2020 (2,906).”
After the Election
Now that the election is over, the hope is that the government will focus on the supply issue and helping first-time home buyers afford homes, assisting in creating a more balanced housing market.
Note: * The Ottawa Real Estate Board cautions that the average sale price can help establish trends over time but should not be used to indicate the value of homes and condominiums. Average sales prices are calculated on the total dollar volume of all properties sold. Of course, pricing and conditions will vary from neighbourhood to neighbourhood.