Ottawa's residential resale market continued to grow strong with record sales based on stable low-interest rates, out-of-town buyers, investors, entrepreneurs, business owners and refugees buying properties, low housing inventory and ongoing bidding-wars.

What happened? 

Decreased Inventory in Residential Listings

• Residential listings decreased significantly by 54.2% with 698 listings available in the market compared to 1,523 listings that existed in February 2020.  

Continued Record Sales In Residential Resale Market 

• The residential resale market generated 1,028 properties sold, an increase of 24%, compared to 829 properties sold in February 2020. 

• Residential resale properties were sold quickly on average from 30 days to 14 days on the market, which is a 54.1% decrease from February 2020.

• Based on the number of properties sold, buyers purchased residential properties in the $550,000-$900,000 price range which accounted for 63.6% of the residential resale property sales. 

• Based on the number of properties sold, buyers purchased mostly: 
  • Two-storey properties - average sale price - $744,361 (previously $585,749 in February 2020) 
  • Bungalows (1-story) - average sale price - $680,252 (previously $510,157 in February 2020) 

• Most of the residential properties were purchased in:
  • Downtown Ottawa - average sale price - $826,923 (previously $704,606 in February 2020)
  • Kanata/Nepean/Barrhaven - average sale price - $774,325 (previously $570,928 in February 2020)
  • Orleans - average sale price - $714,703 (previously $550,621 in February 2020)

Stable Sales In Condo Resale Market 

• The condo market generated 362 units sold compared to 305 units sold in the same month in 2020, a 18.7% increase. 

• Condo units did not sell quickly compared to residential properties. They were sold on average from 19 days to 22 days on the market, which is a 17.7% increase from the same month in 2020.  

• Based on the number of units sold, most buyers purchased condo units priced in the $250,000 - $550,000 price range, accounting for 77.1% of the condo market. 

• Based on the number of units sold, the most sold condo units were:  
  • Two-storey properties - average sale price - $431,657 (previously $321,435 in February 2020)
  • One-level properties - average sale price - $393,981 (previously $366,316 in February 2020)

• Most of the condos purchased were in:
  • Downtown Ottawa - average sale price - $415,188 (previously $382,779 in February 2020) 

Record Sales in Luxury Properties

• The luxury market generated record sales in February with 97 properties sold which more than double the number of properties sold in February 2020.

Ottawa Valley Towns and Semi-Rural Districts Gained Significant Increases in Year-To-Year Average Sale Prices

The towns located in the Ottawa Valley and semi-rural areas continued to be the top-ranked areas of the city with significant average sale price increases year-to-year (from February 2020 - February 2021):

• Semi-rural areas in Bells Corners, Manotick, Greely and Dunrobin recorded the largest average sale price gains year-to-year in those areas with average sale prices (see results in the first table below).

• In the Ottawa Valley, Kemptville, Cornwall and Morrisburg recorded the largest average sale price gains year-to-year. Average sale prices within these group of towns ranged from just over $780,000 for properties located in Kemptville to close to $447,000 for properties located in Cornwall and the surrounding areas (see results in the last table below).

 .

  Source: Scarcity, pandemic push residential resale prices to record $718,000 in February

 James Bagnall, Ottawa Citizen, March 5, 2021.