The average sale price of an Ottawa resale house in August 2021 was up 14% over what it was in August of 2020, the Ottawa Real Estate Board has reported.
The average sale price of a condominium unit, meanwhile, was up 6% in August over a year ago.
Members of the Ottawa Real Estate Board sold 1,572 properties in August _ slightly below the five-year average for August sales, which is 1,684.
The average sale price of a condominium unit in Ottawa for the month was $407,148.
The average sale price of a residential-class (non-condo) property in August was $674,449.
For a broader view of prices, the Board says the average sale price in the first eight months of 2021 was $722,526 for residential-class properties (up 27% from the same period last year) and $420,654 for a condominium unit (up 18% over last year).
And while the number of properties sold in August was slightly below average, the total number of transactions so far in 2021 is 24% higher than it was in 2020 in the same period, “which clearly indicates we are in the midst of another strong year in the Ottawa market,” says Debra Wright, President of the Ottawa Real Estate Board.
The supply of new listings on the Ottawa market continues to be a challenge, she points out.
New listings in August were down 400 units from July and 500 units from August of 2020.
“Supply continues to remain scarce, and that is the driving factor behind these price increases,” Debra Wright says.
“We are only at about 1.5 months’ worth of housing stock. To achieve a balanced market, we need 4-6.5 months’ supply of inventory.”
Wright says the Real Estate Board is “pleased to see that housing affordability and the supply shortage have been a predominant part of election conversations and federal party platform pledges _ which is a step in the right direction. We look forward to the collaboration between municipal, provincial and federal governments to establish measures which will effectively address these fundamental barriers to homeownership for all Canadians who desire to own a home.”
As always, the Ottawa Real Estate Board cautions that while average sale prices for a specific month can be useful in establishing trends over time, they should not be taken as an indicator that specific properties have increased or decreased in value.
As with all cities, prices in Ottawa can vary from neighbourhood to neighbourhood.
If you’re considering buying or selling property in the Ottawa area, I’d be happy to chat with you about the market, conditions in your area of the city and the reasons why the fall season can be a good time to list.
With more than 30 years of experience as a Realtor in Ottawa, I know the city and its neighbourhoods well.
You can read more about me and view my listings at www.nancybenson.com Feel free to give me a call, at 613-747-4747.