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Ottawa Real Estate Market Update-October

Posted by Dorene Wharton on November 7, 2020
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picture of house - and copy - Ottawa real estate market update

 

The Ottawa Real Estate had another record-breaking sales month in October. 2,146 residential homes were sold, a 34% increase year over year. These results include 1,665 homes sold, up 38% vs. 2019 and 481 condominiums up 22% from October 2019.

As Ottawa Real Estate Board President Deb Burgoyne observes, “We are heading into the colder months, the second wave of the pandemic is upon us, and yet Ottawa’s resale market continues to hold steady.”

Ottawa market update numbers for October 2020

Although average prices, number of homes sold, and new listings were lower than September’s performance, sellers continue to be active in the market. This is most evident by the listing growth versus October 2019. 

Residential homes: Average sales price of homes was $603,253, an increase of 25% from a year ago. Homes remained on the market for 22 days, which is 27.3% fewer days than last year.

Condominiums: The average sales price for a condo was $368,936, +16% from this time last year, and they stayed up an average of 18 days, 48% fewer days than 2019.

The Buying Behaviour of Condominiums is Changing

We’ve seen significant changes in buyer behaviour during the year of the pandemic. Consumers are looking for more space because of working and schooling from home, and families are using their space differently.

Due to this shift, it’s no surprise that condo inventory increased by 15% over last October, a stark contrast to the market in early 2020 when condos were selling more quickly. Home inventory continues to be soft and down 46% over last October, continuing the seller’s market situation in Ottawa. This shift occurred around June timing and continues to impact the market.

Will we see a typical slow down of the Ottawa real estate market for the rest of this year?

This year is impossible to predict with the rollercoaster we have all experienced in 2020. “What I can tell you is that this is not the time to navigate the market on your own; there is too much at stake to venture in without the knowledge and guidance of an experienced REALTOR®,” Ottawa Real Estate Board president Borgoyne adds.

Important note: The Ottawa real estate board cautions that the average sale price can help determine trends over time. Still, it should not be used to indicate whether properties have increased or decreased in value. Prices will vary from neighbourhood to neighbourhood.

Are you looking to buy or sell in the Ottawa market? Schedule your home consultation today and find out how we work with home sellers in Ottawa. Contact us to discuss your new home needs.

We look forward to hearing from you.

 

 

 

 

 

 

 

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