With another month in 2021 completed, the February Ottawa Real Estate Market was another record month of continued supply pressure. “Resale properties are virtually flying off the shelves,” said Ottawa Real Estate Board President Debra Wright.
With a 46% decrease in housing on the market for residential homes and condominiums, the quickest turnarounds from listing to sale happened in February, cutting the days on the market from 30 days last February 2020 to just 14 days in February this year.
For condominiums, the story is different. Pre-pandemic condos were thriving. Then buyers’ desire changed to more space and different features than before the pandemic. Home sales grew, and condo sales decreased temporarily. However, the condo market is rebounding again with a 19% increase in transactions in 2021 vs. 2020.
February Ottawa Real Estate Market Sales Results
Ottawa Residential Sales Activity
February’s real estate sales included 1,028 residential homes, up 24% from February 2020.
The average home price was $717,914, an increase of 27% from a year ago.
Homes remained on the market an average of only 14 days, 54.1% fewer days than 2020.
Ottawa Condo Sales Activity
In February, 362 condominium properties were sold, an increase of 19% from February 2020.
February’s average sale price for a condominium property was $407,671, an increase of 17% from last year. Condominiums remained on the market an average of 22 days, 17.7% more days than in 2020.
These results add up to year-to-date average sale prices of $701,778 for residential and $395,496 for condominiums. These values represent a 29% and 15% increase over 2020, respectively.
Supply Constraints Continue to Push Up Prices
“There is no denying that scarcity is leading to a more rapid price acceleration. This scarcity combined with Buyers’ willingness to pay and compete in this market will continue to drive up the sales prices,” Debra Wright confirms.
The big question for the active and important spring buying and selling market is – will there be enough supply to meet demand?
Note: * The Ottawa Real Estate Board cautions that the average sale price can be useful in establishing 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.