higher than 2019.  “Furthermore, the number of properties that changed hands in November was 8% higher than the five-year average. And we also see an 8% increase in year-to-date sales over 2020, so it is fair to say that the resale market remains active and brisk.” Said Debra Wright, Ottawa Real Estate Board President.

The average sale price for a condominium-class property in November was $432,099, an increase of 19 per cent from 2020, and the average sale price for a residential-class property was $716,992, also increasing 19 per cent from a year ago.With year-to-date average sale prices at $719,956 for residential and $420,762 for condominiums, these values represent a 24 per cent and 16 percent increase over 2020, respectively.

“Despite significant increases in average prices over November 2020, month-to-month price accelerations have tapered off slightly, with average prices for residential units on par with October’s and condo average prices increasing by 7%. This is a far better situation than the monthly price escalations we had seen in the first quarter of 2021,” suggests Wright. “However, there is no question that supply constraints will continue to place upward pressure on prices until that is remedied.” said Debra Wright

Market supply continues to be an issue. “While the drop in volume of new listings is typical for November, our inventory, at one month’s supply, is much lower than it should be. 1,430 new listings entered the market last month, a 27% decrease from October (1,960) and 13% less than last November (1,635). While still 30 or so units over the five-year listing average, this is simply not sustainable and is taking us further away from the balanced market that will bring much-needed relief to potential Buyers,” Wright cautions.

OREB | Rina@oreb.ca