Market Highlights:

• Members of the Ottawa Real Estate Board sold 2,329 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,547 in September 2019, a year over year increase of 51 percent.
• September’s sales included 1,759 in the residential-property class, up 58 percent from a year ago, and 570 in the condominium-property category, an increase of 31 percent 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.”

• September’s average sale price for a condominium-class property was $373,565, an increase of 21 per cent from this time last year, while the average sale price of a residential-class property was $622,557, an increase of 28 per cent from a year ago.
• 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.