Prices Continue To Rise In June

It seems as if April was the only month that really had any effect on the Ottawa real estate market. June is proof of that. With all the COVID-19 safety precautions, Ottawa buyers and sellers aren’t showing any signs of slowing down. Here are June’s numbers:

Here are the June 2020 numbers:

  • Total number of units sold: 2,052 – down 2% from 2,096 in June 2019.
  • Five-year average unit sales for June: 2,072.

“June’s new listings doubled compared to April and increased 45% from the number of listings that came onto the market in May. A consequence of these rapid sale turnarounds is that housing inventory does not have an opportunity to build,” says Ottawa Real Estate Board President Deborah Burgoyne.

“Residential inventory is now 52% lower than last year at this time, and condominium supply is down 42%. We continue to be in a strong Seller’s Market, with less than one month’s supply currently available.”

Here are the specifics for each property class:

  • Number of residential-class properties sold: 1,622 – up 1% from 1,606 in June 2019.
  • Average sale price of a residential-class property: $575,623 – up 15% from $489,280 in June 2019.
  • Number of condominium-class properties sold: 430 – down 12% from 482 in June 2019.
  • Average sale price of a condominium-class property: $360,922 – up 17% from $299,565 in June 2019.

So, what should we expect this summer for Ottawa real estate?

“We are seeing what I call a reverse slope. The market understandably experienced a bit of a valley, and now it is moving up the other side. Usually, it’s the other way around, and by July we would start to see a slow down as Buyers and Sellers turn their attention to summer activities. I anticipate that along with our region’s exceptionally hot summer forecasted by the Farmers’ Almanac, the Ottawa real estate market is likely to parallel that prediction.”