The Ottawa resale market continues to perform nicely, with September posting strong sales. According to the Ottawa Real Estate Board, 1759 residential homes were sold in September, +58% from September 2019. These homes remained on the market an average of 17 days, 43% fewer days than last year. Ottawa house prices continue their upward trajectory averaging, $622,557, +28% from September 2019.
Condo sales in Ottawa continue to perform well too. 570 condominiums sold in the month, up 31% vs. September 2019. Like residential homes, condos are averaging 17 days on the market, 45.9% less time than 2019. Average sale prices continue to rise this month, posting $373,565, increasing 21% versus last year.
Seasonal Home Buying Cycles Are Very Different in 2020
According to OREB President Deb Burgoyne, the resale market this year certainly has momentum, and because of this unique year with the pandemic, it isn’t easy to predict. “… since the outset of the pandemic, the market has certainly not followed the usual spring and fall cycles we typically experience.”
Ottawa Real Estate New Listings and High Demand Continue
It’s clear that September benefited from over 400 new listings that came on the market versus August, enabling the strong performance. Once again, buyer demand is very high, as buyers of all kinds remain very active. Ottawa is performing well even in rental property listings and leases, which also increased this month.
An All-Time High for Average Prices
In this month’s Ottawa Real Estate Report, prices in September hit an all-time high, likely due to the market’s upper end raising this average figure. In fact – instead of looking at average prices – and discounting the extremely high and low prices, “the prices are lower at $570,000 for homes and $350,000 for condos”, according to Board President Burgoyne.
Supply Continues to Lag Demand Significantly
The Ottawa real estate market’s theme continues – high demand and low supply, even with the increase of new homes on the market this month. Perhaps buyers are getting used to this, are anxious to buy, and are becoming more accepting of home features and locations, instead of waiting for the perfect one that meets every need.
What is certain is that all Ottawa real estate service providers would love to see a shift to a more balanced market, so that consumers can all benefit from the joys of buying and selling properties.
We look forward to hearing from you.
* Please note that the Ottawa Real Estate Board indicates that the average home sale price is a useful measure of establishing trends in prices. Still, it must not be used to evaluate if specific properties have increased or decreased in value. They also note that prices and conditions will vary for different neighbourhoods, and average costs are calculated based on the dollar volume of all properties sold.