Here are the August 2021 numbers:
- Total number of units sold: 1,572 – down 22% from 2,006 in August 2020.
- Five-year average unit sales for August: 1,684.
“August’s unit sales followed a trajectory typical of the resale market’s summer months with a considerable decline in transactions compared to the spring and 9% fewer sales than in July (1,724). The number of properties changing hands was on par with August 2017 and 2018 figures. The reason we see a sharp decrease compared to last year’s numbers is due to the first wave lockdown in spring 2020, which shifted that market’s peak to the summer and fall months,” states Ottawa Real Estate Board President Debra Wright.
“Year-to-date resales are at 14,728 and are 24% higher than this period in 2020, which clearly indicates we are in the midst of another strong year in the Ottawa market,” she adds.
Here are the specifics for each property class:
- Number of residential-class properties sold: 1,175 – down 25% from 1,469 in August 2020.
- Average sale price of a residential-class property: $674,449 – up 14% in August 2020.
- Number of condominium-class properties sold: 397 – down 9% from 433 in August 2020.
- Average sale price of a condominium-class property: $407,148 – up 6% in August 2020.
“Supply continues to remain scarce, and that is the driving factor behind these price increases. New listings were down 400 units from July and 500 units from last August and below the 5-year average for the first time this year since February. Although inventory is approximately 5-6% higher than last year for both residential and condominium property classes, 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 points out.
“We are 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.”