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Ottawa Housing Market Update – October 2021

Posted by susan-adm on November 4, 2021
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Residential average sale prices increased by 24% from last October to $720,150. Condominium average sale prices were $419,515, which is a 16% increase.

The average days on market in the residential class experienced a 19.9% increase to 19 days and 45.9% increase to 22 days for condominiums.

1,263 residential properties were sold, a decrease of 24%. Condominiums sold reached 414 which is a 14% decrease.

 

 

The overall number of sales in October 2021 compared to October 2020 decreased by 21%. The sales followed the typical ebb and flow of the fall season, however since last year’s numbers got skewed due to the pandemic, this caused a decrease in this October compared to last.

Board President Debra Wright states, “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.”

 

Ottawa Housing Market Future Trajectory

 

“While the number of units sold followed the traditional trajectory, the lack of supply continues to put upward pressure on prices, which are holding strong and steadily increasing. Although there were 1,960 new listings in October, falling just under the 5-year average (1,974), it’s simply not enough. Inventory remains at a one-month supply for residential properties and 1.2 months for condominiums. The only way we will find balance in Ottawa’s market is to increase the housing stock exponentially,” Debra states.

There has been an increase in rental properties in the fall market which suggests that the housing shortages are due to properties being acquired for investment purposes. In order for Ottawa’s market to balance, we need more inventory.

 

 

Are you looking to sell your home and understand its value? Find out how we work with our clients and book your free home evaluation with us.

 

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.

 

 

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