2021 is off to a busy start in Ottawa with record-breaking numbers from the Ottawa Real Estate Market in January, as a 43% decrease in supply year-over-year causes a frenzy for home-buyers. Here are some other important numbers:
- 964 Residential Transactions went through the Ottawa MLS in January 2021 (compared with 778 in January 2020, increase of 24% year-over-year) that includes 674 sales in the residential property class and 290 in the condominium property category.
- $380,336 was the Average Sale Price for properties in the Condominium category in January 2021, an increase of 13% year-over-year, and an increase of 7% from December 2020.
- $677,197 was the Average Sale Price for properties in the Residential category in January 2021, an increase of 31% year-over-year, and an increase of 12% from December 2020.
In addition to purchase and sale transactions, more Ottawa residents are using the services of Realtors for leasing transactions as well, with 333 rental transactions captured through the Ottawa MLS in January 2021 compared with 243 in January 2020.
It remains unclear whether the significant gains in the Ottawa market are a direct result of pandemic market factors, or whether the gains are truly sustainable beyond the pandemic, but for now the board cautions that we can’t know for sure whether these are “trends” or just short-lived bursts.