Based on the statistics published by OREB (Ottawa Real Estate Board), 1,724 residential properties were sold in July 2021 compared to 2,183 in July 2020- a decrease of 21%. July’s sales showed 1,312, a 20% down in the residential properties class compared to last year and 412 in the condominium property class, down 24%.

The average sale prices for condominium properties and residential properties both had an increase of 17% from last year. The average price for a condominium property is $419,545, while the average price for residential property is $685,426.

This year’s housing market was just under the 5-year average which showed a slight decline in transactions. Factors that may have contributed to the decline were likely a combination of summer vacation and the reopening of the economy last month. The 2020 lockdown that we saw undoubtedly shifted the resale markets peak.

We anticipate seeing a more balanced market as the housing stock increase with residential inventory is up 19% and 23% condominium supply, higher than 2020.

Although these numbers portray a hot market that might be simmering down, the market essentially followed the traditional cycle of the spring and summer trends. With a 4-6% dip from June, the peak is usually around April or May, which we saw, then typically the market slows down as Buyers and Sellers enjoy the rest of the summer with vacations and other outdoor recreational activities.

Overall, prices have steadily increased from 2020, and year-to-date values are holding steady. Regarding the multiple offer outburst experienced previously, Sellers need to keep in mind that it is no longer the norm and more realistic expectations will need to be discussed with their Realtors when settling on a listing price.

 

 

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