'Hot' Ottawa real estate market in July as home sales increase 19 per cent
OTTAWA -- The Ottawa Real Estate Board says residential home sales mirrored the weather in July … "Hot!"
A total of 2,189 residential properties were sold in Ottawa last month, compared with 1,838 properties sold in July, 2019.
According to the Ottawa Real Estate Board, the five-year average for residential property sales in July is 1,729.
"The resale market is not only holding its own but has surpassed 2019 figures by a significant margin," said Deborah Burgoyne, Ottawa Real Estate Board President.
"Summer usually slows down; however, after the pandemic curtailed the spring market this year, we have rebounded well beyond expectations. It is somewhat surprising given continuing inventory shortages and the extra diligence and precautions being taken by our members and their clients to ensure everyone's safety in the process."
The average sale price of a residential-class property in Ottawa was $585,084 in July, a 20 per cent increase from a year ago.
The average sale price for a condo was $357,764, up 19 per cent from July 2019.
"Ottawa's resale market offers solid returns for many sellers, while buyers continue to feel the squeeze. Those most impacted are especially those attempting to enter the housing market," said Burgoyne.
"Multiple offers are a common occurrence with over 57 per cent of properties selling over the listing price compared to 33 per cent of transactions last July."