Although Ottawa summers are particularly slow due to people taking vacations, COVID-19 has prevented people from spending their time abroad, keeping them cooped up at home. As a result, sellers and buyers are super active in this real estate market. July was not only hot in weather, but hot in sales as well.
Here are the July 2020 numbers:
- Total number of units sold: 2,189 – up 19% from 1,838 in July 2019.
- Five-year average unit sales for July: 1,729.
“The resale market is not only holding its own but has surpassed 2019 figures by a significant margin,” states Ottawa Real Estate President Deborah Burgoyne. “Summer usually slows down; however, after the pandemic curtailed the spring market this year, we have rebounded well beyond expectations. It is somewhat surprising given continuing inventory shortages and the extra diligence and precautions being taken by our Members and their clients to ensure everyone’s safety in the process.”
Here are the specifics for each property class:
- Number of residential-class properties sold: 1,646 – up 19% from 1,333 in July 2019.
- Average sale price of a residential-class property: $585,084 – up 20% from $468,067 in July 2019.
- Number of condominium-class properties sold: 543 – up 18% from 445 in July 2019.
- Average sale price of a condominium-class property: $357,764 – up 19% from $289,789 in July 2019.
Unfortunately, nothing has changed for buyers. With the lack of inventory, buyers are still forced into bidding wars and going over asking price.
“Ottawa’s resale market offers solid returns for many Sellers, while Buyers continue to feel the squeeze. Those most impacted are especially those attempting to enter the housing market. Multiple offers are a common occurrence with over 57% of properties selling over the listing price compared to 33% of transactions last July.”