Oct. 7, 2020
There were 2,329 residential properties sold in September compared with 1,547 in September 2019, a 51% increase year over year. Of those 2,329 sales, 1759 were in the residential-property class and 570 in the condominium-property category, an increase of 58% and 31% respectively from September 2019. The five-year average for September unit sales is 1,602.
“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.
Average sales price in September for a condominium-class property was $373,565, an increase of 21% from last year, while the average sale price of a residential-class property was $622,557, an increase of 28%. With year to date average sale prices at $575,506 for residential and $360,550 for condominiums, these values represent a 19 per cent and 20 percent increase over 2019, respectively.
“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.
Finally, there have been 2,536 properties since the beginning of the year compared to 2,117 at this time last year.
Information sourced from the Ottawa Real Estate Board.
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