In May 1,345 residential properties were sold compared to 2,410 in May 2019, a decrease of 44%. Of those sales, 1,066 were in the residential property class, down 43% from a year ago, and 279 were in the condominium property category, a decrease of 49% from May 2019. The 5-year average for May unit sales is 2,048.
“Just a May’s temperatures had us questioning what season we were in, our real estate market also underwent a seasonal switch, so to speak,” notes Ottawa Real Estate Board President Deborah Burgoyne. “This spring market is performing more like a fall market with the number of new listings and resales on par with what typically occurs in late October and November.”
“Around mid-May we started to see a restrained uptick in our numbers with monthly unit sales only 44% lower than May 2019, compared to the 55% year over year decrease in April’s figures. We expect that as the economy continues to rollout and consumer confidence increases, our real estate market will follow suit, the pent-up demand pre-COVID still exists. Our spring numbers are typical of our fall figures, with cautious optimist, we can hope that there is a ‘flip flop’ and our fall numbers are closer to spring figures.”
Average sale price for a condominium-class property in May was $343,589, an increase of 15.5% from this time last year, while the average sale price of a residential-class property was $548,140, an increase of 11.2% from May 2019. Year to date average sale prices are at $546,117 for residential and $348,458 for condominiums, representing a 13.8% and 17.8% increase over 2019, respectively.
“Although the Canadian Mortgage and Housing Corporation’s (CMHC) forecast for Canada’s housing prices may seem pretty bleak, their broad-based analysis for the country as a whole does not accurately reflect what is transpiring in our local market as evidenced by the steady increases in average home prices in Ottawa – even during the crux of a pandemic and global economic recession.”
“Unquestionably, the fact that we are still in the midst of a seller’s market is a contributing factor. Nevertheless, with out region’s stable employment and a continuous influx of newcomers, homeowners can take comfort in the knowledge that owning a property in Ottawa and its surrounding areas is a solid investment for yourselves and future generations,” Burgoyne assures.
“Utilizing a REALTORS’s experience, insight and extensive professional network is particularly advantageous during this time. They will ensure you are only viewing properties that meet your hard criteria and can also identify possible alternative options to meet your goals, such as in-law suites or carriage homes for example.”
In addition to residential and condominium sales, 1,207 properties were rented since the beginning of the year compared to 1,043 at this time last year.
Information sourced from the Ottawa Real Estate Board.
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