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Ottawa’s Resale Market Tracks Upward into Fall
Members of the Ottawa Real Estate Board sold 2,329 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,547 in September 2019, a year over year increase of 51%. 
Ottawa real Estate Board, October 5, 2020
September’s sales included 1,759 in the residential-property class, up 58% from a year ago, and 570 in the condominium-property category, an increase of 31% from September 2019. The five-year average for September unit sales is 1,602.

September’s average sale price for a condominium-class property was $373,565, an increase of 21% from this time last year, while the average sale price of a residential-class property was $622,557, an increase of 28% from a year ago. With year-to-date average sale prices at $575,506 for residential and $360,550 for condominiums or a 19% and 20% increase over 2019, respectively.

 “The sheer volume of transactions in September, compared to a year ago, confirms the Ottawa resale market is continuing on its upward trajectory,” states Ottawa Real Estate Board President Deb Burgoyne. “The resale market in 2020, especially since the outset of the pandemic, has certainly not followed the usual spring and fall cycles we typically experience. This year has had its own distinct ebb and flow, and whether this momentum in our market will continue is difficult to predict.”

“However, the continued increase in new listings and demand remaining strong allows us to be cautiously optimistic. September saw 2,165 residential properties and 744 condominiums enter the market. This is an increase of 32% and 45% respectively over last year at this time, and over 400 more new listings than came on the market in August,” adds Burgoyne.

“While average prices in September hit an all-time high, the movement at the higher end of the market is also likely driving this figure higher. September’s median prices, which is calculated removing the extreme upper and lower prices, do show more moderate price gains coming in at $570,000 for residential properties and $350,000 for condominiums,” Burgoyne acknowledges.

“Of course, the fundamentals of supply and demand remain at play, and our inventory shortage will continue to put Sellers in a position to capitalize on the current market. Additionally, the dynamics of purchasing behaviour is shifting as Buyers become more tolerant of the condition of a property or its location, for example.”

“But, we can’t exhale just yet. At the end of the day, REALTORS® represent both Buyers and Sellers, so a balanced market would be a welcomed relief for everyone. We would like to see both sides get over the finish line with a feeling of elation, and that they have had a positive experience in their homeownership journey,” Burgoyne expresses.

In addition to residential and condominium sales, OREB Members assisted clients with renting 2,536 properties since the beginning of the year compared to 2,117 at this time last year.