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
A 'tragedy that can't be measured': North Bay's forever chemical problem is also the rest of Canada's
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.
opinion How to use your credit card as a powerful wealth-building tool
Irresponsibly using a credit card can land you in financial trouble, but personal finance columnist Christopher Liew says when used properly, it can be a powerful wealth-building tool that can help grow your credit profile and create new opportunities.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Here's what 'the hinge' move is, how to do it correctly
When you're picking something up from the floor or bending over to tie your shoe laces, you're performing "the hinge move," according to movement trainers.
Dashcam video shows terrifying near-miss on two-lane northern Ontario highway
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
Average hourly wage in Canada now $34.95: StatCan
Average hourly wages among Canadian employees rose to $34.95 on a year-over-year basis in April, a 4.7 per cent increase, according to a Statistics Canada report released Friday morning.
Trump heading to Jersey Shore to rally 'mega crowd' in weekend break from hush money trial
After a long week in court, Donald Trump is heading to the Jersey Shore. And his campaign says he'll be joined by "tens of thousands" of his friends.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.