Members of the Ottawa Real Estate Board sold 1,607 residential properties in September through the Board’s Multiple Listing Service® System, compared with 2,314 in September 2020, a decrease of 31 per cent. September’s sales included 1,244 in the residential-property class, down 29 per cent from a year ago, and 363 in the condominium-property category, a decrease of 36 per cent from September 2020. The five-year average for total unit sales in September is 1,648.

“As per usual, the resale market in the early part of the month moved slowly due to the Labour Day holiday weekend and parents settling their children back into their school routines. Activity began to accelerate towards the end of the month, which is behaviour typical of the market in September,” states Ottawa Real Estate Board President.

“Although the statistics are showing a considerable year-over-year decrease in transactions, this anomaly is due to the shift of the 2020 market’s peak activity to the summer and fall months as a result of the initial Covid-19 lockdown last spring. If we look beyond the comparison to last year, the number of transactions in September was 4% higher than in 2019 (1,547) and 16% higher than 2018 (1,387).”

September’s average sale price for a condominium-class property was $425,362, an increase of 14 per cent from last year, while the average sale price for a residential-class property was $702,155, an increase of 13 per cent from a year ago. With year-to-date average sale prices at $720,492 for residential and $421,062 for condominiums, these values represent a 25 per cent and 17 percent increase over 2020, respectively.

“House values are holding steady with a slight month-to-month increase (4-5%) in September and year-to-date average prices remaining strong for both residential and condo properties. Of course, these price escalations that we saw in the first quarter of 2021 and now recurring in September are inevitable given the supply challenges we have been experiencing for several years now combined with the unrelenting high demand.”

“While inventory has improved slightly from the pre-pandemic years (2017-2019), it is still the principal cause for concern with just over one month’s supply in the housing stock at this time. There were 2,252 new listings in September, an increase of 216 units over August; however, the number still falls beneath the five-year average and is much lower than this month in September 2020 (2,906).”

“With the election behind us, we hope the government will now concentrate on addressing supply issues and developing first-time homebuyer assistance touted in their reelection platform. Together with our REALTOR® Members and our provincial and federal counterparts, we will continue to advocate for availability and affordability in the Ottawa housing market and implore all three levels of government to implement effective measures to help all Canadians turn their homeownership dreams into reality.”

OREB Members also assisted clients with renting 3,598 properties since the beginning of the year compared to 2,536 at this time last year.

Ottawa Real Estate Board

Check out these ways to safely experience the city this long weekend! Here are just some of the activities and experiences available in the region as of Thursday, September 2:

1. Soar over the Ottawa River and see incredible, one-of-a-kind views on Interzip Rogers, the world’s first interprovincial zipline! My family and I thoroughly enjoyed this unique & thrilling experience! What a way to see the Ottawa skyline!
2. Cheer on the Ottawa REDBLACKS (football) as they play a home game this Friday, September 3 and the Atlético Ottawa (soccer) as they play Wednesday, September 8, both at TD Place.
3. Theatre lovers, look no further. A Company of Fools present Love From Afar, select nights in September starting this Friday, September 3 at outdoor venues across Ottawa. Pay-what-you-can.
4. NCC Weekend Bikedays continue this weekend, and until Thanksgiving. Sections of the Sir John A Macdonald Parkway and the Sir George-Étienne Cartier Parkway are open for active use on weekends, including this Labour Day Monday, September 6. FREE!
5. Enjoy family fun, live music, and lots of incredible hot air balloons at the Gatineau Hot Ait Balloon Festival this Thursday, September 2 to Monday, September 6 at Parc de la Baie in Gatineau.
6. Listen to local, live music in various Ottawa neighbourhoods at City Sounds, from Friday, September 3 to Sunday, September 5. FREE!

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

Here are just some of the activities and experiences available in the region as of Friday, August 13:

1. Laurier House National Historic Site is open for visitors! Visit the historic house to learn about two of Canada’s most important Prime Ministers, Sir Wilfrid Laurier and William Lyon Mackenzie King.
2. The popular 613flea has returned to Lansdowne! Check out tons of vendors selling everything from clothes to décor to jewellery and much more this Saturday, August 14. Check website for future dates. Admission is FREE!
3. Gatineau Beerfest wraps up Friday & Saturday! Enjoy 80 beers from 30 breweries at the Place des Festivals Zibi on a giant patio in Old Hull overlooking the Ottawa River until Saturday, August 14.
4. The Casino Lac-Leamy Sound of Light shows continue Wednesdays to Sundays until August 21 with 10 nights of fireworks with two alternating themes outside the Canadian Museum of History.
5. Look no further for adrenaline-pumping fun in Ottawa! Ottawa Tourism’s list of awesome adventurous activities in Ottawa has you covered with information about Interzip Rogers, whitewater rafting, bungee jumping, jet-skiing, and more.

Have a great weekend in the National Capital everyone!!

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