Record-breaking 2021 for Ottawa real estate
Ottawa’s real estate market set new price and sales records in 2021 despite a December slowdown.
A record 20,302 residential and condo units were sold last year in Ottawa, the Ottawa Real Estate Board said Thursday. That’s up seven per cent from 2020.
The average residential sale price in Ottawa in 2021 was more than $719,000, a 24 per cent increase from 2020. Condos went for an average of more than $419,000, a 16 per cent increase.
“I have never seen it like this,” Ottawa Real Estate Board president Penny Torontow said. “Typically in Ottawa, historically, the market goes up three per cent, a real increase would have been 5 per cent. We’ve never seen increases accelerating like this in such a short span.”
The new records were set despite a slower December, which saw 14 per cent fewer home sales than December 2020.
Low inventory continues to drive price increases in the city. In December, 600 new listings entered the market, a 58 per cent decrease from November and 15 per cent lower than the five-year average.
“We have less than a month’s supply of inventory, which makes it a sellers’ market,” Torontow said. “There’s probably about 1,500 actual active listings right now on the market, but it’s not enough.”
Torontow said January through March are typically slower months, but it’s difficult to predict what the market will look like amid another pandemic wave.
“Buyers are fatigued, parents are focusing on remote learning, interest rate hikes are looming – I don’t expect we will see the first quarter increases as we did in 2021,” she said. “We are unlikely to see the true outcome of these macro factors until the spring.
But the market will continue to favour sellers as long as there are more buyers, she said.
“Until we get more inventory, until we have 60 to 90 days at least of supply, then it will continue to be a sellers’ market.”
CTVNews.ca Top Stories
Solar storm puts on brilliant light show across the globe, but no serious problems reported
A powerful solar storm put on an amazing skyward light show across the globe overnight but has caused what appeared to be only minor disruptions to the electric power grid, communications and satellite positioning systems.
'My family doctor just fired me': Ontario patients frustrated with de-rostering
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
'It was violent': Police tear down U of A pro-Palestinian encampment Saturday morning
Multiple people at the protest camp torn down at the University of Alberta campus Saturday say police's actions against protesters were "violent" and "disproportionate."
Potentially toxic chemicals hide in our drinking water and countless household objects, and they're not going anywhere
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
Canada Post cracks down on Nunavut loophole to get free Amazon Prime shipping
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
'I am angry': Alberta farmers will continue fight over world class motorsport resort
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
Suspect sought after fatal slashing in downtown Toronto
Police are searching for a suspect in a homicide investigation after a man was slashed in downtown Toronto on Sunday.
U.S. aims to stay ahead of China in using AI to fly fighter jets, navigate without GPS and more
When two U.S. fighter jets recently faced off in a dogfight in California, only one was piloted by a human.
'Increased fire activity' expected for Fort Nelson, B.C., blaze
A wildfire near Fort Nelson, B.C., that forced thousands to flee their homes grew almost 800 hectares overnight Saturday, according to officials.