Stable October Real Estate Market

Here are the October 2021 numbers:

  • Total number of units sold: 1,677 – down 21% from 2,132 in October 2020.

  • Five-year average unit sales for October: 1,605.

“October’s resale market was active, busy, and stable – and followed the typical (pre-pandemic) ebb and flow that we commonly see as we enter the fall season,” states Ottawa Real Estate Board President Debra Wright. “The number of transactions increased slightly over September (1,607) as well as the 5-year average. The only reason we see a year-over-year decrease in comparison to last October is because 2020’s sales peak had shifted from the spring months to September/ October due to the initial Covid-19 lockdown.”

Here are the specifics for each property class:

  • Number of residential-class properties sold: 1,263 – down 24% from 1,566 in October 2020.

  • Average sale price of a residential-class property: $716,378 – up 19% in October 2020.

  • Number of condominium-class properties sold: 414 – down 14% from 472 in October 2020.

  • Average sale price of a condominium-class property: $404,760 – up 10% in October 2020.

“While the number of units sold followed the traditional trajectory, the lack of supply continues to put upward pressure on prices, which are holding strong and steadily increasing. Although there were 1,960 new listings in October, falling just under the 5-year average (1,974), it’s simply not enough. Inventory remains at a one-month supply for residential properties and 1.2 months for condominiums. The only way we will find balance in Ottawa’s market is to increase the housing stock exponentially.”

“Low inventory and a lack of suitable housing options restrict movement along the housing spectrum. Move-up buyers and downsizers have nowhere to go, so they stay in place, but we need that exchange of properties in the marketplace to free up supply for entry-level homebuyers,” Wright adds.