Members of the Ottawa Real Estate Board sold 2,285 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,514 in March 2020, an increase of 51 per cent. March’s sales included 1,705 in the residential-property class, up 47 per cent from a year ago, and 580 in the condominium-property category, an increase of 65 per cent from March 2020. The five-year average for total unit sales in March is 1,688.

“A few factors contributed to the high number of resales in March,” states Ottawa Real Estate Board President Debra Wright. “Typically, real estate is heavily influenced by the weather, and we had remarkable and unseasonably warm temperatures last month, which facilitated Buyers’ ability to view and purchase homes.”

“Also, there was a significant uptick in the number of new listings that came onto the market. This total (2,798) was higher than the 5-year listing average, which hadn’t happened since July 2020, when the first lockdown ended. Ongoing pent-up Buyer demand meant that most of the properties that came on the market in March were quickly acquired.”

“Meanwhile, the 51% increase in transactions over last year can be attributed to the State of Emergency, which commenced mid-March 2020 and impacted overall sales that month. Measuring against a drastically reduced comparable made this year’s figure jump,” Wright points out.

“Although the percentage of sales comparison may be somewhat skewed, multiple offers scenarios are undoubtedly escalating property values. Statistics show that in March 2021, almost 80% of the resales in the Ottawa area sold for more than the asking price compared to 60% at this time last year. However, this is not the case in every instance and the balance sold with 6% selling at the list price and the other 14% selling for less than the list price.”

March’s average sale price for a condominium-class property was $437,041, an increase of 18 per cent from last year, while the average sale price for a residential-class property was $758,802, an increase of 35 per cent from a year ago.With year-to-date average sale prices at $729,897 for residential and $415,054 for condominiums, these values represent a 32 per cent and 17 percent increase over 2020, respectively.*

“These accelerated price growths are purely a result of long-term inventory shortage. I don’t believe that Ottawa’s market is by any means out of control but rather is coming into its own. However, until there is action at all three levels of government to resolve our supply challenges, our housing prices are not going to stabilize. And this phenomenon is not occurring in our market alone; housing stock scarcity is a nation-wide issue.”

“We have already seen an upturn in new listings coming onto the market, and we are hopeful this trend will continue. In fact, there may be some pent-up supply as Sellers have held back during the pandemic even though the market has been more active than expected throughout.” 

“Sellers will benefit from the advice of a REALTOR® who can ensure they are marketing and pricing their properties competitively and strategically. At the same time, Buyers continue to be challenged with a shortage of offerings and need to be equally strategic with the guidance of their REALTOR®,” Wright concludes.

OREB Members also assisted clients with renting 1,079 properties since the beginning of the year compared to 746 at this time last year.

（Source：OREB)

Members of the Ottawa Real Estate Board sold 1,390 residential properties in February through the Board’s Multiple Listing Service® System, compared with 1,134 in February 2020, an increase of 23 per cent. February’s sales included 1,028 in the residential-property class, up 24 per cent from a year ago, and 362 in the condominium-property category, an increase of 19 per cent from February 2020. The five-year average for total unit sales in February is 1,101.

“Resale properties are virtually flying off the shelves,” states Ottawa Real Estate Board President Debra Wright. “Even though our inventory is significantly lower than 2020 – a combined 46% decrease in housing stock for residential and condos – we witnessed a record number of sales in February 2021. How is that possible? Simply put, properties that come onto the market are selling very quickly.”

“With less than a month’s supply in both categories, residential homes, in particular, are experiencing the quickest turnarounds. This is evidenced in the sharp decline of Days on Market (DOM) from 30 days in February 2020 to 14 days last month. Interestingly, DOM for the condo market has gone up slightly from 19 to 22 days, likely due to the fact that the condo market was thriving and moving very quickly prior to the pandemic spread in Canada. We saw Buyer desire for more house space dampen that market temporarily; however, it is clear the condo market has stabilized and is starting to rebound with a 19% increase in transactions compared to last year at this time.”

February’s average sale price for a condominium-class property was $407,671, an increase of 17 per cent from last year, while the average sale price of a residential-class property was $717,914, an increase of 27 per cent from a year ago.With year-to-date average sale prices at $701,778 for residential and $395,496 for condominiums, these values represent a 29 per cent and 15 percent increase over 2020, respectively.*

“With supply constraints continuing to place upward pressure on pricing, there is no doubt that this economic fundamental is driving the price increases. This is also reflected in February’s total sales volume for residential and condos, which combined was at $885,592,105, 54% higher than the same month in 2020. There is no denying that scarcity is leading to a more rapid price acceleration. This scarcity combined with Buyers’ willingness to pay and compete in this market will continue to drive up the sales prices,” Wright asserts.

“The upcoming spring market will bring more listings and increased inventory; however, the question is whether it will be enough to meet demand. Having a sound strategy, whether you are buying or selling, is the key to success. In this complex and fast-paced market, it is essential to utilize the skills and experience of a REALTOR® with negotiation skills and the market knowledge to act quickly on your behalf.”

“Did you know they also help tenants locate rental accommodations in addition to assisting landlords in finding tenants? Ottawa’s vacancy rates have soared due to the lack of immigration, visiting student populations, decline in Airbnb, etc. There are many good quality rentals out there, and a REALTOR® can help you find one whether you are selling and prefer to rent or searching for a different location,” Wright concludes.

OREB Members assisted clients with renting 674 properties since the beginning of the year compared to 498 at this time last year.

（Source：OREB)

Members of the Ottawa Real Estate Board sold 964 residential properties in January through the Board’s Multiple Listing Service® System, compared with 778 in January 2020, an increase of 24 per cent. January’s sales included 674 in the residential-property class, up 21 per cent from a year ago, and 290 in the condominium-property category, an increase of 31 per cent from January 2020. The five-year average for total unit sales in January is 786.

“Pent-up Buyer demand fueled the exceptional number of sales that took place in January even as the mid-month lockdown further restricted supply. Earlier in the month, listing activity increased, likely driven by those Sellers waiting until after the holiday season to put their properties on the market. However, once the Stay-at-Home Order was announced, Sellers pulled back (rightfully so) and the number of properties entering the market declined,” states Ottawa Real Estate Board President Debra Wright.

“Even though inventory is up from last month, it is still down substantially from last year at this time with 43% fewer properties on the market. This inventory shortage coupled with strong demand triggered a brisk pace to the market. We would have certainly seen higher sales numbers if there were more properties available because the demand is definitely there.”

January’s average sale price for a condominium-class property was $380,336, an increase of 13 per cent from last year, while the average sale price of a residential-class property was $677,197, an increase of 31 per cent from a year ago. Compared to December, the average price for residential-class properties has increased by 12 per cent, and the average price for condominium-class units is 7 per cent higher.*

“I would like to caution those looking at the increase in average prices this month and believing that property values are accelerating at an extreme pace. In January, there was considerable movement in the upper end of the market, which caused a bit of an anomalous outcome in average price percentages. For example, there were 63 sales in the $1M+ price range, while last year at this time, there were only 16 transactions. Sustained price movements are better reflected during the mid to latter part of the year, where trends begin to emerge, and comparisons can be drawn,” advises Wright.

“This leads me into my next point – market activity has curtailed, there is no question about that, with January resale numbers lower than what we saw in December. But the effects of this second lockdown will not be entirely measurable until the coming months, dependent on when the mandated Stay-at-Home Order is retracted. If the lockdown is extended, that could affect the market in the longer term; however, as we saw last year, the market was resilient throughout and is being driven by the needs of Buyers and Sellers,” Wright concludes.

In addition to residential sales, OREB Members assisted clients with renting 333 properties in January 2021 compared with 243 in January 2020.

（Source：OREB)