OTTAWA -- The Ottawa Real Estate Board suggests Ottawa's real estate market may be "shifting" away from condominiums during the COVID-19 pandemic, as more condo properties came on the market in October.
New statistics shows 2,146 residential properties sold in Ottawa in October, up 34 per cent from the 1,604 units sold in October 2019. The five-year average for October unit sales is 1,515.
October's average sale price for a residential class property was $603,253, while the average price for a condo property was $368,936.
In a media release, the Ottawa Real Estate Board said while Ottawa's real estate market remained "steady as she goes" in October, the condominium market is now on its "watch list."
Ottawa Real Estate Board President Deb Burgoyne says inventory for condo units increased 15 per cent over last October, while inventory for residential properties is down 46 per cent.
“The shift in the condo market occurred around June. There has been a lot of speculation about changing buyer behaviour and preferences due to our pandemic reality with homeowners wanting home offices and gym space, for example," said Burgoyne in a statement.
"One could extrapolate or conclude that buying preferences may be shifting towards a desire for properties with more square footage than this property type offers. Particularly, due to the sheer number of employees working remotely for the foreseeable future, commute times may continue to be less of an issue."
The Ottawa Real Estate Board reports 1,937 residential listings and 708 condo units were added to the housing stock in October. That's up 48 per cent and 70 per cent respectively over this time last year.
