Ottawa Real Estate Prices for 2024: Prices are going up 1.6% on a year-over-year
The OREB MLS OF Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.
OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
LOW INVENTORY IN THE OTTAWA REAL ESATE MARKET JAN 2024
Still plague Market and causes prices to increase once again.
September 20th, 2023
Source: OREB
The Ottawa Real Estate Board reported that its members sold 1,196 residential properties in August through the Board’s Multiple Listing Service® (MLS®) System data service, compared with 1,130 in August 2022, an increase of 6%. August’s sales included 903 in the freehold-property class, up 7% from a year ago, and 293 in the condominium-property category, a 2% increase from August 2022. The five-year average for total unit sales in August is 1,525.
“Ottawa Sales activity was up marginally on a year-over-year basis in August but remained well below the historical average for this time of year,” says Ken Dekker, OREB President. “There is no shortage of demand given increased immigration and the large Canadian population cohort entering the market. The lack of suitable, affordable housing is a hindrance. High borrowing costs and economic uncertainty are impacting both sellers and buyers, which we expect will continue to result in further market fluctuations.”
NUMBER OF HOME FOR SALE ARE LOWER THAN OTHER YEARS
IT LOOKS LIKE 2022 AND 2023 HAVE THE SAME AVERAGE SALE PRICE
LOW NUMBER OF LISTINGS, LOW SALE VOLUME 2023
IT LOOKS LIKE WE ARE STILL LOW ON LISTINGS
July 27th, 2023
All homes available for sale in Kanata.
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In Kanata Ontario, there are several types of dwellings available: Single detached homes, row units townhouses, semi-detached homes, stacked townhouses, and apartments.
We are Currently seeking, 113 listings for sale in Kanata with an average price of approximately:
ALL JULY 2023 DETACHED HOMES AVERAGE PRICE $857,900.
Count on us to provide you with the true value. This free service will ensure you make an informed decision for your next home purchase in Kanata.
ASK FOR OUR FREE “PROPERTY REPORT ON VALUE AND COMPARABLE”.
All Kanata Home Listings on our IDX website.
ML# | Address | List Price | Type | Style | Bds | Bths |
1349274 | 1016 TANGUAY CRT | $339,900 | 2STOREY | STACK | 2 | 2 |
1346861 | 1006 TANGUAY CRT | $349,900 | 2STOREY | STACK | 2 | 2 |
1347644 | 103 SALTER CRES | $379,900 | 2STOREY | ROW | 3 | 2 |
1353521 | 239 PICKFORD DR | $429,900 | 2STOREY | ROW | 3 | 2 |
1352685 | 21 BEST WAY | $438,000 | 2STOREY | ROW | 3 | 3 |
1345297 | 2033 CAMPEAU DR | $449,000 | 2STOREY | STACK | 2 | 2 |
1347915 | 300 TULUM CRES #H | $485,000 | 1LEVEL | STACK | 2 | 1 |
1339787 | 310 TULUM CRES #C | $499,900 | OTHER | STACK | 2 | 2 |
1339789 | 310 TULUM CRES #B | $499,900 | OTHER | STACK | 2 | 2 |
1349944 | 106 KINCARDINE DR | $516,000 | 2STOREY | ROW | 2 | 3 |
1344162 | 598 FOXLIGHT CIR | $528,900 | 3STOREY | ROW | 2 | 3 |
1352430 | 373 HILLSBORO PVT | $534,900 | 2STOREY | ROW | 3 | 3 |
1353245 | 21 STREAMBANK ST | $539,900 | 3STOREY | ROW | 2 | 2 |
1351777 | 516 ABERFOYLE CIR | $549,900 | 2STOREY | ROW | 3 | 2 |
1351967 | 1505 CAMPEAU DR | $549,999 | 2STOREY | STACK | 2 | 3 |
1351412 | 14 MEADOWBREEZE DR | $550,000 | 2STOREY | ROW | 3 | 3 |
1351319 | 29 STREAMBANK ST | $558,000 | 3STOREY | ROW | 3 | 2 |
1352962 | 127 ATTWELL PVT | $559,900 | 3STOREY | ROW | 2 | 3 |
1350428 | 161 ATTWELL PVT | $569,000 | 3STOREY | ROW | 2 | 2 |
1338221 | 398 HILLSBORO PVT | $569,900 | 2STOREY | ROW | 3 | 3 |
1350177 | 63 SPRINGCREEK CRES | $575,000 | 2STOREY | ROW | 3 | 2 |
1351338 | 4 SUNNYBROOKE DR | $575,000 | 2STOREY | ROW | 3 | 2 |
1351016 | 60 HELMSDALE DR | $599,900 | 2STOREY | ROW | 3 | 3 |
1351828 | 833 TABARET ST | $618,000 | 2STOREY | ROW | 3 | 3 |
1353591 | 586 BARRICK HILL RD | $619,900 | 2STOREY | ROW | 3 | 3 |
1353394 | 1326 HALTON TERR | $625,000 | 2STOREY | ROW | 3 | 3 |
1349339 | 738 OAKGLADE AVE | $629,900 | 2STOREY | ROW | 3 | 3 |
1352422 | 220 FORESTBROOK ST | $639,000 | 2STOREY | ROW | 3 | 3 |
1351156 | 94 SADDLESMITH CIR | $639,000 | 2STOREY | ROW | 3 | 3 |
1352406 | 201 OPUS ST | $649,900 | 2STOREY | ROW | 3 | 3 |
1352958 | 80 ROBARTS CRES | $649,900 | 2STOREY | ROW | 3 | 4 |
1352924 | 276 MAXWELL BRIDGE RD | $649,900 | 2STOREY | ROW | 3 | 3 |
1346702 | 30 HIGHMONT CRT | $650,000 | 2STOREY | SEMIDET | 3 | 3 |
1353652 | 29 COURTNEY RD | $654,900 | BUNGLOW | DETACH | 4 | 2 |
1346498 | 218 HUNTERBROOK ST N | $659,999 | 2STOREY | ROW | 3 | 3 |
1346233 | 100 PATRIOT PL | $669,900 | 2STOREY | ROW | 3 | 3 |
1350846 | 560 PEPPERVILLE CRES | $669,900 | 2STOREY | ROW | 3 | 3 |
1350828 | 120 SPRINGCREEK CRES | $674,900 | 2STOREY | DETACH | 3 | 2 |
1340559 | 804 STAR PVT | $684,900 | 3STOREY | ROW | 2 | 4 |
1343773 | 31 BACHMAN TERR | $694,900 | 3STOREY | ROW | 2 | 4 |
1342872 | 58 BLACKDOME CRES | $699,000 | 2STOREY | ROW | 3 | 2 |
1351794 | 7 CURRAN ST | $699,000 | 2STOREY | DETACH | 3 | 2 |
1347144 | 80 GOLDRIDGE DR | $699,900 | 2STOREY | ROW | 3 | 3 |
1350013 | 70 MERSEY AVE | $699,900 | 2STOREY | DETACH | 3 | 3 |
1343158 | 27 BACHMAN TERR | $704,900 | 3STOREY | ROW | 4 | 4 |
1345027 | 45 BACHMAN TERR | $714,900 | 3STOREY | ROW | 3 | 3 |
1344899 | 110 MACASSA CIR | $724,900 | SPLIT | ROW | 3 | 3 |
1348075 | 51 WATERTHRUSH CRES | $724,900 | BUNGLOW | SEMIDET | 3 | 3 |
1333567 | 69 EQUESTRIAN DR | $729,900 | 2STOREY | DETACH | 3 | 3 |
1344890 | 37 BACHMAN TERR | $734,900 | 3STOREY | ROW | 4 | 4 |
1350053 | 993 KLONDIKE RD | $735,000 | 2STOREY | ROW | 3 | 3 |
1339680 | 432 MEADOWBREEZE DR | $739,900 | 2STOREY | ROW | 4 | 3 |
1349133 | 283 KINGHAVEN CRES | $749,000 | 2STOREY | ROW | 3 | 4 |
1347577 | 95 VILLAGE GREEN | $749,999 | 2STOREY | DETACH | 4 | 2 |
1345492 | 21 WESTMEATH CRES | $757,000 | 2STOREY | DETACH | 3 | 3 |
1352433 | 2 SEWELL WAY | $769,900 | 2STOREY | DETACH | 4 | 3 |
1348719 | 554 HITZLAY CRES | $770,250 | 2STOREY | ROW | 3 | 3 |
1352974 | 66 MACASSA CIR | $790,000 | 3STOREY | ROW | 2 | 3 |
1352026 | 42 FOULIS CRES | $794,000 | BUNGLOW | ROW | 3 | 3 |
1348104 | 4 TURNBULL AVE | $799,900 | 2STOREY | DETACH | 3 | 3 |
1351607 | 26 FOXLEIGH CRES | $799,900 | 2STOREY | DETACH | 4 | 4 |
1353089 | 33 SPUR AVE | $799,900 | 2STOREY | DETACH | 4 | 4 |
1353349 | 58 BRIDLE PARK DR | $799,900 | 2STOREY | DETACH | 4 | 3 |
1347391 | 182 OVERBERG WAY | $809,900 | 2STOREY | ROW | 3 | 4 |
1352046 | 194 FLOWING CREEK CIR | $829,900 | 2STOREY | DETACH | 4 | 4 |
1348237 | 65 CROWNRIDGE DR | $839,900 | 2STOREY | DETACH | 3 | 3 |
1352949 | 24 RIVERGREEN CRES | $839,900 | 2STOREY | DETACH | 3 | 3 |
1352972 | 140 BRIDGESTONE DR | $849,900 | 2STOREY | DETACH | 4 | 3 |
1339798 | 819 PETRA PVT | $850,000 | 3STOREY | ROW | 3 | 4 |
1352306 | 135 SOLARIS DR | $855,000 | 2STOREY | DETACH | 4 | 4 |
1351387 | 441 TILLSONBURG ST | $875,000 | 2STOREY | DETACH | 3 | 3 |
1350782 | 122 WHERNSIDE TERR | $885,000 | 2STOREY | DETACH | 4 | 4 |
1353183 | 2 BRADLEY FARM CRT | $899,900 | 2STOREY | DETACH | 4 | 4 |
1346499 | 4 BRADLEY FARM CRT | $899,999 | 2STOREY | DETACH | 6 | 4 |
1348913 | 26 PELLAN CRES N | $936,000 | 2STOREY | DETACH | 4 | 3 |
1348723 | 15 RUTHERFORD CRES | $945,000 | 2STOREY | DETACH | 4 | 3 |
1346322 | 803 OAKSIDE CRES | $959,000 | 2STOREY | DETACH | 5 | 4 |
1348720 | 360 ABBEYDALE CIR | $969,900 | 2STOREY | DETACH | 4 | 3 |
1346305 | 614 BRIDLEGLEN CRES | $979,990 | 2STOREY | DETACH | 3 | 3 |
1330947 | 27 SOLARIS DR | $989,900 | 2STOREY | DETACH | 4 | 4 |
1350083 | 19 RUTHERFORD CRES | $989,900 | 2STOREY | DETACH | 4 | 4 |
1342008 | 42 STONECROFT TERR | $998,000 | BUNGLOW | DETACH | 4 | 3 |
1346782 | 178 GYRFALCON CRES | $999,000 | 2STOREY | DETACH | 5 | 4 |
1347064 | 11 TURTLE POINT PVT | $999,000 | BGWL | ROW | 4 | 4 |
1347484 | 2004 ALLEGRINI TERR | $999,900 | 2STOREY | DETACH | 4 | 3 |
1343628 | 343 SUGAR PINE CRES | $1,029,000 | 2STOREY | DETACH | 3 | 3 |
1350372 | 10 JARLAN TERR | $1,039,000 | 2STOREY | DETACH | 4 | 3 |
1346589 | 11 MENDOZA WAY | $1,049,000 | 2STOREY | DETACH | 4 | 3 |
1352264 | 328 LAUGHLIN CIR | $1,050,000 | 2STOREY | DETACH | 4 | 3 |
1345277 | 8 EVANSHEN CRES | $1,100,000 | 2STOREY | DETACH | 4 | 3 |
1350338 | 26 VARLEY DR | $1,150,000 | 2STOREY | DETACH | 4 | 3 |
1349314 | 9 ROSETHORN WAY | $1,188,800 | 2STOREY | DETACH | 5 | 4 |
1345120 | 138 STEEPLE CHASE DR | $1,199,900 | 2STOREY | DETACH | 4 | 4 |
1350186 | 36 ROSENFELD CRES | $1,225,000 | 2STOREY | DETACH | 4 | 4 |
1340309 | 123 GRAINSTONE WAY | $1,299,900 | 2STOREY | DETACH | 4 | 4 |
1350133 | 50 OSPREY CRES | $1,299,900 | 2STOREY | DETACH | 8 | 5 |
1345061 | 28 GREENSAND PL | $1,300,000 | 2STOREY | DETACH | 4 | 4 |
1343176 | 396 HUNTSVILLE DR | $1,349,000 | 2STOREY | DETACH | 4 | 4 |
1344490 | 250 KETCHIKAN CRES | $1,395,800 | 2STOREY | DETACH | 4 | 4 |
1346597 | 55 IRONSIDE CRT | $1,399,000 | 2STOREY | DETACH | 4 | 3 |
1350049 | 523 BRECCIA HTS | $1,399,000 | 2STOREY | DETACH | 4 | 5 |
1350623 | 139 INGERSOLL CRES | $1,424,900 | 2STOREY | DETACH | 5 | 3 |
1345728 | 348 ABBEYDALE CIR | $1,450,000 | 2STOREY | DETACH | 5 | 5 |
1352289 | 60 ROSENFELD CRES | $1,495,000 | 2STOREY | DETACH | 4 | 4 |
1352517 | 15 KANATA ROCKERIES PVT | $1,495,000 | 2STOREY | DETACH | 4 | 5 |
1352529 | 65 IRONSIDE CRT | $1,499,000 | 2STOREY | DETACH | 5 | 3 |
1345689 | 1098 BLANDING ST | $1,539,000 | 2STOREY | DETACH | 4 | 5 |
1347414 | 525 BRECCIA HTS | $1,548,000 | 2STOREY | DETACH | 5 | 5 |
1349077 | 44 IRONSIDE CRT | $1,625,000 | 2STOREY | DETACH | 4 | 4 |
1351597 | 3 GOULDING CRES | $1,685,000 | 2STOREY | DETACH | 4 | 3 |
1349776 | 65 WALDEN DR | $1,750,000 | 2STOREY | DETACH | 6 | 5 |
Count on us to provide you with the true value. This free service will ensure you make an informed decision for your next home purchase in Kanata.
ASK FOR OUR FREE “PROPERTY REPORT ON VALUE AND COMPARABLE”.
OREB NEWS
March 3, 2023
Members of the Ottawa Real Estate Board (OREB) sold 855 residential properties in February through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,411 in February 2022, a decrease of 39%. February’s sales included 633 in the freehold-property class, down 42% from a year ago, and 222 in the condominium-property category, a decrease of 31% from February 2022. The five-year average for total unit sales in February is 1,157.
“We’re going to see declines in transactions and prices when we compare current figures to last February — the height of the pandemic resale market activity,” says Ottawa Real Estate Board’s President Ken Dekker. “On the other hand, with the Bank of Canada holding interest rates steady, prospective buyers have more budget certainty to work with as we head into the spring market.”
By the Numbers – Average Prices*:
“The average price increase for freeholds over January could be an indicator that buyers have normalized to the current interest rates. And perhaps, it’s a glimmer of more activity to come in the months ahead.”
By the Numbers – Inventory & New Listings:
“A decrease in the days on market, paired with fewer new listings entering the market, is good news for sellers,” says Dekker. “However, if that trend continues to impact our supply stock and we don’t get more inventory, our otherwise balanced market could swing back into seller’s territory — but it’s too early to predict.”
“The best advice for sellers and buyers in today’s market is to pay close attention to the comparison and competition insights only a REALTOR® can offer. Ottawa is made up of many micro-markets, and neighbourhood-level data is vital to standing out and closing deals.”
REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 995 properties compared to 800 last year at this time, an increase of 24%.
Average Sale Price February 2023= from $708,172 down to $620,088 (-12.4% down)
Quantity of sales: 2471 down to 1513 in Feb 2023 (-38% down)
CDOM= Re-listed : Days on Market from 27 to 69 days ( more days on market: +42 days)
DOM= Days on Market – from 19 days TO 44 days longer in 2023 ( more days on market: +25 days)
February 2, 2023
Members of the Ottawa Real Estate Board (OREB) sold 606 residential properties in January through the Board’s Multiple Listing Service® (MLS®) System, compared with 933 in January 2022, a decrease of 35%. January’s sales included 460 in the freehold-property class, down 30% from a year ago, and 146 in the condominium-property category, a decrease of 47% from January 2022. The five-year average for total unit sales in January is 819.
“January’s marked slow down in unit sales over 2022 indicates potential home buyers are taking their time,” says OREB President Ken Dekker. “While last month saw the culmination of the succession of interest rate hikes announced by the Bank of Canada, affordability remains a factor. They may be waiting for a shift in listing prices. They’re being cautious in uncertain conditions.”
By the Numbers – Average Prices*:
“Despite the decrease in average prices, the market should not be considered on a downward slide,” says Dekker. “A hyper COVID-19 seller’s market is now leveling out to our current balanced market state.”
“On a positive note, in comparison to December’s figures, January’s average price of freehold properties increased by 3%. The average price of condos did fall by 5% compared to December but condo pricing tends to fluctuate more due to the small data set.”
By the Numbers – Inventory & New Listings:
“Ottawa’s inventory and days on market figures are typical for a balanced market and another sign that buyers are no longer racing to put in an offer,” says Dekker. “The increase in new listings and supply is a boon for home buyers, who now have more selection and the ability to put in conditions at a less frantic pace. REALTORS® are an essential resource in finding the right property for the right buyer. On the other side of the transaction, REALTORS® can help sellers with hyper-local insights about how to sell in their neighbourhood at a time when pricing is key.”
More people are turning to REALTORS® for help renting properties — 509 this month compared to 410 in January 2022, an increase of 24%. “Even with the increase in housing stock, the tighter rental market is another indication that affordability is keeping some potential buyers on the sidelines.”
* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
Market Prices Sold and Changes
September 6, 2022, Update from the Ottawa Real Estate Board.
September 6, 2022
Members of the Ottawa Real Estate Board sold 1,137 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,565 in August 2021, a decrease of 27 per cent. August’s sales included 850 in the residential-property class, down 27 per cent from a year ago, and 287 in the condominium-property category, a decrease of 28 per cent from August 2021. The five-year average for total unit sales in August is 1,603.
“August is a traditionally slower month in Ottawa’s resale market ebb and flow cycle due to summer vacations. Compounding the slowdown in market activity, Buyers are uncertain about their purchasing power given impending additional interest rate hikes,” states Ottawa Real Estate Board President Penny Torontow.
“The lightning speed at which homes were selling at the start of 2022 is a thing of the past, evidenced by Days on Market (DOMs) inching closer to that 30-day mark. We have also observed a return to standard financing and inspection conditions and fewer multiple offer scenarios,” she adds.
Additional figures:
“Prices are still rising slightly in some areas, albeit lower single-digit percentage increases, bringing back the moderate price-growth stability that is characteristic of the Ottawa resale market. What happened to prices in 2020 and 2021 was unusual. We are moving towards a balanced market state, where Buyers have choices and Sellers need to ensure they are pricing their properties accurately,” Torontow advises.
“The informed market knowledge and insight of a licensed REALTOR® is critical to both Buyers and Sellers navigating market shifts. Sellers will want to closely explore with their REALTOR® the best time and price to list their home to optimize a property’s days on market. Buyers can use the extra time to work with their REALTOR® on due diligence and finding a dream home that meets their needs within their financial parameters.”
REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 4,172 properties compared to 3,182 last year at this time.
* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
source OREB.
OTTAWA AVERAGE PRICES FROM SEPTEMBER 2022
The Members of the Ottawa Real Estate Board sold 936 residential properties in January through the Board’s Multiple Listing Service® System, compared with 963 in January 2021, a decrease of 3 per cent. January’s sales included 661 in the residential-property class, down 2 per cent from a year ago, and 275 in the condominium-property category, a decrease of 5 per cent from January 2021. The five-year average for total unit sales in January is 840.
“January’s sales, almost identical to 2021’s, were very strong for a traditionally slower month, especially given the frigid temperatures and increased government Covid-19 restrictions we experienced,” states Ottawa Real Estate Board President Penny Torontow. “This increased activity compared to previous years is not solely a pandemic phenomenon. Yes, the pandemic has accelerated market activity in some ways, but pent-up Buyer demand due to the housing supply shortage has been an ongoing fundamental issue for the Ottawa resale market for well over 5 years now – and the price increases will continue to reflect that until the housing stock grows.”
The average sale price for a condominium-class property in January was $447,943, an increase of 18 per cent from 2021, while the average sale price for a residential-class property was $771,739, increasing 14 per cent from a year ago.*
“Average prices continue to rise steadily with the lack of inventory pushing prices to levels previously unseen. We only need to observe the number of homes now selling over $1M for a clear demonstration. In 2020, they represented 3% of residential sales, in 2021, they held 9% of the market’s resales, and now in 2022, that number reflects close to 14% of detached home sales.”
“Meanwhile, the residential-class properties selling within the $650-$900K range represent 47% of all of January’s residential unit sales. In 2021, it was 33%. But we must keep in mind, average prices statistics amalgamate data from the entire city, so while in some areas the increases would be less, other pockets of Ottawa may see more,” advises Torontow.
“The condo market is also flourishing both in number of sales and prices. Possibly due to the fact that residential units may be out of reach for some Buyers, they are finding themselves more open to this option and are actually able to find a condominium-class property within their budget.”
“Bad weather, pandemic lockdowns, it doesn’t matter – Ottawa remains a fast-moving, active, and robust market. So, if you are thinking of selling your property, there has never been a better time. Contact a REALTOR® who can explain the various factors that will help you get the best price for your home today.” In addition to residential sales, OREB Members assisted clients with renting 410 properties in January 2022 compared to 333 in 2021.
* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
source OREB.
OTTAWA AVERAGE PRICES FROM JAN 2012 TO FEB 2022
OTTAWA, January 6, 2022 – Members of the Ottawa Real Estate Board sold 862 residential properties in December through the Board’s Multiple Listing Service® System, compared with 997 in December 2020, a decrease of 14 per cent. December’s sales included 601 in the residential-property class, down 15 per cent from a year ago, and 261 in the condominium-property category, a decrease of 10 per cent from December 2020. The five-year average for total unit sales in December is 809. “December’s resale market performed as it typically does with a marked decrease in sales from November as families turned their attention towards the holiday break. Although slightly above the five-year average, the number of properties exchanging hands was lower than the year before due to the atypical market we experienced in 2020 when peak market activity shifted to later in the year because of the initial spring pandemic lockdown,” states Debra Wright Ottawa Real Estate Board’s 2021 President. “However, while the market normalized in the latter part of the year, looking at the year-end figures, 2021 was still a record-breaking year,” she adds.
The total number of residential and condo units sold throughout 2021 was 20,302, compared with 18,953 in 2020, increasing 7 per cent. Meanwhile, total sales volume in 2021 was approximately $13.1B compared to $10B in 2020.
“This significant increase in sales volume reflects the price acceleration that we have seen over the last year and correlates with average sale price increases for the city,” Wright elaborates.
“As we have reiterated for the past few years, Ottawa’s housing inventory challenges have been and will continue to place an upward pressure on prices. Reviewing the year-end figures for 2021, the average sale price year to date was $719,605 for residential-class properties and $419,683 for condominium units. These values represent a 24 per cent and 16 percent increase over 2020, respectively.”
The average sale price for a condominium- class property in December was $399,125, supply for a balanced market to be achieved,” cautions Wright.
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When asked for a forecast, Ottawa Real Estate Board’s new 2022 President Penny Torontow suggests, “January through March are usually slower months. With the macro factors that are currently at play in the resale market, it is difficult to predict what the effects will be going forward. We are entering yet another pandemic wave, Buyers are fatigued, parents are focusing on remote learning, interest rate hikes are looming – I don’t expect we will see the first quarter increases as we did in 2021.”
“We are unlikely to see the true outcome of these macro factors until the spring. Presumably, we will see more of the same with the market performing as well as it can with the current housing stock. Unfortunately for homebuyers, it will sustain itself as a Seller’s market for quite some time until our inventory issues are remedied. Whether you are buying or selling a home right now, the experience and knowledge of a REALTOR® is essential in this current challenging market,” Torontow concludes.
OREB Members also assisted clients with renting 4,813 properties since the beginning of the year compared to 3,364 in 2020.* The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold.
Price and conditions will vary from neighbourhood to neighbourhood. An increase of 12 per cent from 2020, and the average sale price for a residential-class property was $709,980, increasing 18 per cent from a year ago.*
“Six hundred new listings entered the housing stock in December, which represents a 58% decrease from November and down 15% from the 5-year average. At less than one month’s supply of units in both the residential and condominium property classes, we are firmly entrenched in a strong Seller’s market and will continue to be in this state until our inventory increases to a 3-4 month’s
Supply shows low.
Source: The Ottawa Real Estate Board
The Canadian Real Estate Market – Prices are still up.
OTTAWA, August 5, 2021 – Members of the Ottawa Real Estate Board sold 1,724 residential properties in July through the Board’s Multiple Listing Service® System, compared with 2,183 in July 2020, a decrease of 21 per cent. July’s sales included 1,312 in the residential-property class, down 20 per cent from a year ago, and 412 in the condominium-property category, a decrease of 24 per cent from July 2020. The five-year average for total unit sales in July is 1,775. “July’s unit sales followed the traditional cycle of the spring and summer markets, which tend to peak around April or May and then slow down as Buyers and Sellers turn their attention to their vacations and other outdoor recreational activities,” states Ottawa Real Estate Board President Debra Wright. “This year’s figure is closer to 2019’s (1,838 sales) and just shy of the 5-year average, with the slight decline in transactions perhaps due to the combination of summer and the reopening of the economy last month. Certainly, the marked decrease from last year’s July sales is due to the spring 2020 lockdown, which had shifted the 2020 resale market’s peak to the summer and fall months,” she adds. July’s average sale price for a condominiumclass property was $419,545, an increase of 17 per cent from last year, while the average sale price for a residentialclass property was $685,426, also an increase of 17 per cent from a year ago. With year-to-date average sale prices at $728,107 for residential and $422,339 for condominiums, these values represent a 30 per cent and 20 percent increase over 2020, respectively.* “Following the same trend as sales, the month-to-month average prices decreased marginally by 4-6% compared to June; however, this minor dip is consistent to what typically happens during the summer months. Overall, average prices have increased considerably from 2020, and year-to-date values are holding steady. Still, Sellers will need to keep in mind that the multiple offer frenzy experienced previously is no longer the norm, and they may need to have more realistic expectations when positioning their homes and settling on a listing price with their REALTORS®.” “We are seeing the housing stock increasing with residential inventory up 19% and condominium supply 23% higher than 2020. Although there were 700 fewer listings than in June, the number of properties that entered the market in July is over the fiveyear average by approximately 114 units. Along with the price stabilizations, we hope this may indicate that Ottawa’s resale market is moving towards a more balanced state, which would be good for everyone,” suggests Wright. “Established in 1921, on July 9th, the Ottawa Real Estate Board commemorated 100 years of helping our neighbours, friends, and fellow residents buy and sell their homes, cottages and investment properties. Over the past century, our Board has advocated for affordable and attainable homes, as well as a range of housing options for seniors, first-time homebuyers and everyone in between. We pledge to continue this endeavour for our future clients in the years to come. On behalf of the Ottawa Real Estate Board and our 3,500 REALTOR® Members, I would like to extend my heartfelt gratitude to all of you who have put your trust in us to help you make your real estate dreams come true. We hope to continue to serve our communities for the next 100 years and beyond.” OREB Members also assisted clients with renting 2,706 properties since the beginning of the year compared to 1,883 at this time last year. * OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighborhoods’.