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. “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 condominium-class property was $419,545, an increase of 17 per cent from last year, while the average sale price for a residential-class 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 per cent 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 five year 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.”

“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

We are very excited to announce that Vitor Avila has joined TRU Realty! Vitor has been licensed for over 2 decades and has a wealth of experience in residential, multifamily and rental real estate! Not only has Vitor assisted clients, but also invests and manages his own portfolio of real estate himself, and can offer real-world advice and personal experience! Vitor balances his busy real estate career with equally busy family life. He chose TRU Realty for its value, flexibility and its leadership and management. Vitor invites all his past clients, friends family and future clients to contact him for all their real estate needs!

Check out these ways to safely experience the city! Please always reference the websites or social media accounts of each attraction or business for more detailed information, as circumstances can change at any time, and consult our visiting Ottawa safely during COVID-19 page for information on the most recent COVID-19 regulations.

Here are just some of the activities and experiences available in the region as of Thursday, July 15:

Ottawa enters Step 3 of reopening this Friday, July 16 at 12:01 am which means indoor dining can resume, museums and galleries can reopen, and more businesses can open or increase capacity. Visit Reopening Ontario for details and support local neighbourhood businesses that are opening back up!

Ottawa Tourism launched its #Invite2 campaign this week, encouraging each household in the region to invite two friends or relatives to visit the area sometime in 2021 (which would inject more than half a billion dollars into the local economy). Visit the #Invite2 webpage for inspiration and to enter our contest for a chance to win a trip!

Check out the new interprovincial zipline, Interzip Rogers! This brand-new attraction sends riders soaring between Ottawa and Gatineau 120 feet above the Ottawa River.

Head over to Sparks Street to check out the Little Library where visitors can take a break and read a book in the middle of downtown. And Songs from the Shed is back with live music by local artists on Tuesdays and Thursdays from 12:00noon to 2:00pm (between O’Connor and Bank Streets). FREE!

Omega Park celebrates its 30th anniversary this year! The drive-through Canadian safari near Montebello, Québec is open for visitors to learn about and experience Canadian wildlife, enjoy the Omega By Night illuminated nighttime experience, and even indulge at their new restaurant, OmegaBon!

Learn more about Indigenous businesses and makers in Ottawa. Locally owned and operated Ondarez Clothing and Goods is a store that sells handmade goods from candles to beadwork to silk screening and more.

Planning a romantic staycation with that special someone? Ottawa Tourism has you covered with Romance in Ottawa: a summer 2021 itinerary suggesting spa activities, romantic boat rides, patios, and more.

Find out more great activities to do in and around Ottawa on the Ottawa Insider Blog!

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We are very excited to announce that Italo Medugno has joined TRU Realty! Italo brings not only a long history of real estate experience and sales but also an innate sense of style and class! Italo takes pride in his experience as a teacher for many decades that really helped in his real estate career in guiding buyers and sellers through the hurdles of transactions. Italo's extensive travels around the world and international real estate experience is another unique quality that Italo's clients appreciate. Whether you speak English, French or Italian make sure you contact Italo for all your real estate needs!

Members of the Ottawa Real Estate Board sold 2,131 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,038 in June 2020, an increase of 5 per cent. June’s sales included 1,647 in the residential-property class, up 2 per cent from a year ago, and 484 in the condominium-property category, an increase of 13 per cent from June 2020. The five-year average for total unit sales in June is 2,098.

“June’s resale market performed similar to a typical (pre-pandemic) June, with unit sales on par with the five-year average and a lower volume of activity compared to May, particularly in the last two weeks of the month. This is a normal tapering off as families turn their attention to the end of school events and enjoying more outdoor recreation. This year, it also coincided with some easing of pandemic restrictions,” states Ottawa Real Estate Board President. “It will be interesting to watch the market over the summer to see if this normalization of the real estate sales ebb and flow is indeed the case moving forward. Last year, summer resales skyrocketed due to pent-up demand when the first lockdown ended.”

“Year-to-date sales are tracking 48% higher than last year at this time with 11,446 properties changing hands and are 16-18% higher than 2018 and 2019. Much of this increase is due to the increased activity in the first five months of 2021 compared to previous years. We have also seen an instrumental increase in new listings this year, and inventory levels for both residential and condominiums are higher than we’ve seen since 2017. However, we are still at a one month supply of housing stock, so we aren’t out of the woods yet.”

June’s average sale price for a condominium-class property was $435,198, an increase of 21 per cent from last year, while the average sale price for a residential-class property was $725,970, an increase of 26 per cent from a year ago. With year-to-date average sale prices at $734,357 for residential and $422,734 for condominiums, these values represent a 33 per cent and 20 per cent increase over 2020, respectively.

“For the moment, there are signs that we’ve reached a levelling out, especially as it relates to average prices which, in recent months, have not experienced the drastic increases of earlier in 2021, nor are we seeing a drop.”

“Properties are not moving as quickly as they were. Inventory has picked up; there is less scarcity and more choices - consequently, less upward pressure on prices. Additionally, we are noticing fewer of the multiple offer frenzy situations. Of course, many properties do still have multiple offers, but our REALTORS® are noticing that there are less of them on offer day.”

“This start of a perhaps equilibrium in the market is good news for Buyers, while Sellers are going to have to adjust to this new normal and be more strategic in their positioning. Whichever side of the transaction you are on, you will bode well by listening and heeding the advice of a professional REALTOR® who has their pulse on the day-to-day variabilities Ottawa’s resale market is experiencing.”

OREB Members also assisted clients with renting 2,252 properties since the beginning of the year compared to 1,512 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 neighbourhood to neighbourhood.

Real estate is a second career for Kim, and she joins TRU Realty as a professional with great passion, dedication and enthusiasm.

Kim has a Masters of Science degree in Biology and has spent the majority of her career working as a biologist in the conservation of species at risk. Kim has found a new interest in and love for real estate, where she works closely with her clients to represent their interests while making the experience relaxed and enjoyable.

Kim takes pride in her dedication, her positive attitude, and attentiveness to detail - qualities that will serve her clients well and mark her as a TRU professional. Born and raised in Ottawa, Kim loves to bike around the city, taking in all of the beauty and charm it has to offer.

Members of the Ottawa Real Estate Board sold 2,296 residential properties in May through the Board’s Multiple Listing Service® System, compared with 1,342 in May 2020, an increase of 71 per cent. May’s sales included 1,779 in the residential-property class, up 67 per cent from a year ago, and 517 in the condominium-property category, an increase of 85 per cent from May 2020. The five-year average for total unit sales in May is 2,123.

Although Ontario was in a lockdown in both May 2020 and May 2021, the impact they had on Ottawa’s resale market was quite different - with this year’s number of transactions being well over the five-year average. Undoubtedly, enhanced safety measures and vaccine adoption rates have enabled potential Buyers and Sellers to feel more protected and comfortable in their home buying and selling process.

Additionally, twice the number of new listings entered the market in May 2021, compared to last year at this time, with 2,386 residential properties and 727 condos added to inventory. This is approximately 50 units more than the five-year average for new listings.

May’s average sale price for a condominium-class property was $424,843, an increase of 24 per cent from last year, while the average sale price for a residential-class property was $741,206, an increase of 35 per cent from a year ago. With year-todate average sale prices at $736,241 for residential and $420,074 for condominiums, these values represent a 35 per cent and 21 percent increase over 2020, respectively.

With the number of condominium sales transactions having increased by 85% in May of 2021, over May of 2020, coupled with the 21% price increase in the same periods, it appears that the condo market has recovered from the declines experienced early in the pandemic.

For residential-class properties, price movement is still well above 2020, with 46% selling over $700K compared to 16% of properties last year at this time - these percentages are reflected in the sales data for both May and year-to-date. We observe that month-over-month average price increases for April and May are not as high as the jumps in value in the first quarter of 2021. While it is still too early to predict, this may be a sign that the rapid price acceleration we have been experiencing is easing in the market.

As we come out of this lockdown, we will closely monitor other market factors including the effects of the increased stress test measures combined with the average five-year fixed mortgage rates climbing back over two per cent since the beginning of 2021, and whether pent-up supply will decrease our supply shortage and eventually bring Ottawa’s real estate market to a more balanced state.

OREB Members also assisted clients with renting 1,837 properties since the beginning of the year compared to 1,207 at this time last year.

For more information, or for an evaluation of your property, contact a TRU Realty salesperson.