Ottawa Real Estate Statistics August 2021 – Community Stats
Ottawa Real Estate Statistics – August 2021
Ottawa Real Estate Newsletter – September 2021
Canadians are taking their housing affordability concerns all the way to the ballot box in this federal election
For the second time in less than two years – which have been largely defined by an ongoing global pandemic – Canadians will head to the polls in a federal election later this month. While campaigning will last a mere 36 days, there has been no shortage of electrified discussion among engaged voters in the first few weeks of the campaign.
When asked if a candidate’s position on tackling housing affordability will influence their vote in the September 20th election, 40% of Canadians answered yes, according to a recent Royal LePage survey, conducted by Leger. That number increased to 57% among respondents aged 18-34.
Housing affordability, along with climate change, the economy and a COVID-19 pandemic recovery plan, has emerged as a top election issue for many Canadians. This comes as no surprise, following a record year of price growth in nearly every market from coast to coast, leaving more and more young people feeling locked out of their dream of homeownership, and many middle-class Canadians unable to afford a home in the city or town they work in.
84% of Canadians are concerned that, with rising home prices, an increasing number of people in this country will never be homeowners.
So how do we fix that? While first-time homebuyers’ incentives help prospective purchasers achieve their dream of home ownership in normal market conditions, the housing affordability issue we are facing can only be tackled by increasing supply.
“In this election, Canadians are demanding ideas, answers and a commitment to address the nation’s housing supply and affordability crisis. The growing housing deficiency in this country is one of the great threats to our prosperity as a people,” said Phil Soper, president and CEO, Royal LePage.
All three major federal parties have made addressing supply a key part of their campaign platforms in an effort to address the ever-strengthening voices of concerned Canadians. The big question is whether or not the elected party can execute quickly on those promises.
For more information, check out the official press release and data chart.
Ottawa Real Estate News Release (OREB)
The Resale Market Settles Back to a Typical August
OTTAWA, September 3, 2021 – Members of the Ottawa Real Estate Board sold 1,572 residential properties in August through the Board’s Multiple Listing Service® System, compared with 2,006 in August 2020, a decrease of 22 per cent. August’s sales included 1,175 in the residential-property class, down 25 per cent from a year ago, and 397 in the condominium-property category, a decrease of 9 per cent from August 2020. The five-year average for total unit sales in August is 1,684.
“August’s unit sales followed a trajectory typical of the resale market’s summer months with a considerable decline in transactions compared to the spring and 9% fewer sales than in July (1,724). The number of properties changing hands was on par with August 2017 and 2018 figures. The reason we see a sharp decrease compared to last year’s numbers is due to the first wave lockdown in spring 2020, which shifted that market’s peak to the summer and fall months,” states Ottawa Real Estate Board President Debra Wright.
“Year-to-date resales are at 14,728 and are 24% higher than this period in 2020, which clearly indicates we are in the midst of another strong year in the Ottawa market,” she adds.
August’s average sale price for a condominium-class property was $407,148, an increase of 6 per cent from last year, while the average sale price for a residential-class property was $674,449, an increase of 14 per cent from a year ago.With year-to-date average sale prices at $722,526 for residential and $420,654 for condominiums, these values represent a 27 per cent and 18 percent increase over 2020, respectively.*
“Supply continues to remain scarce, and that is the driving factor behind these price increases. New listings were down 400 units from July and 500 units from last August and below the 5-year average for the first time this year since February. Although inventory is approximately 5-6% higher than last year for both residential and condominium property classes, we are only at about 1.5 months’ worth of housing stock. To achieve a balanced market, we need 4-6.5 months’ supply of inventory,” Wright points out.
“We are pleased to see that housing affordability and the supply shortage have been a predominant part of election conversations and federal party platform pledges – which is a step in the right direction. We look forward to the collaboration between municipal, provincial, and federal governments to establish measures which will effectively address these fundamental barriers to homeownership for all Canadians who desire to own a home.”
OREB Members also assisted clients with renting 3,182 properties since the beginning of the year compared to 2,232 at this time last year.
* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
Ottawa Real Estate Statistics – July 2021
Ottawa Real Estate Newsletter – August 2021
Ottawa Real Estate News Release (OREB)
July’s Resale Market Stabilizes
OTTAWA, August 5, 2021 – Members of the Ottawa Real Estate Board sold 1,724 residential properties in July through the Board’s Multiple Listing Service® System, compared with 2,183 in July 2020, a decrease of 21 per cent. July’s sales included 1,312 in the residential-property class, down 20 per cent from a year ago, and 412 in the condominium-property category, a decrease of 24 per cent from July 2020. The five-year average for total unit sales in July is 1,775.
“July’s unit sales followed the traditional cycle of the spring and summer markets, which tend to peak around April or May and then slow down as Buyers and Sellers turn their attention to their vacations and other outdoor recreational activities,” states Ottawa Real Estate Board President Debra Wright. “This year’s figure is closer to 2019’s (1,838 sales) and just shy of the 5-year average, with the slight decline in transactions perhaps due to the combination of summer and the reopening of the economy last month. Certainly, the marked decrease from last year’s July sales is due to the spring 2020 lockdown, which had shifted the 2020 resale market’s peak to the summer and fall months,” she adds.
July’s average sale price for a condominium-class property was $419,545, an increase of 17 per cent from last year, while the average sale price for a residential-class property was $685,426, also an increase of 17 per cent from a year ago.With year-to-date average sale prices at $728,107 for residential and $422,339 for condominiums, these values represent a 30 per cent and 20 percent increase over 2020, respectively.*
“Following the same trend as sales, the month-to-month average prices decreased marginally by 4-6% compared to June; however, this minor dip is consistent to what typically happens during the summer months. Overall, average prices have increased considerably from 2020, and year-to-date values are holding steady. Still, Sellers will need to keep in mind that the multiple offer frenzy experienced previously is no longer the norm, and they may need to have more realistic expectations when positioning their homes and settling on a listing price with their REALTORS®.”
“We are seeing the housing stock increasing with residential inventory up 19% and condominium supply 23% higher than 2020. Although there were 700 fewer listings than in June, the number of properties that entered the market in July is over the five-year average by approximately 114 units. Along with the price stabilizations, we hope this may indicate that Ottawa’s resale market is moving towards a more balanced state, which would be good for everyone,” suggests Wright.
“Established in 1921, on July 9th, the Ottawa Real Estate Board commemorated 100 years of helping our neighbours, friends, and fellow residents buy and sell their homes, cottages and investment properties. Over the past century, our Board has advocated for affordable and attainable homes, as well as a range of housing options for seniors, first-time homebuyers and everyone in between. We pledge to continue this endeavour for our future clients in the years to come. On behalf of the Ottawa Real Estate Board and our 3,500 REALTOR® Members, I would like to extend my heartfelt gratitude to all of you who have put your trust in us to help you make your real estate dreams come true. We hope to continue to serve our communities for the next 100 years and beyond.”
OREB Members also assisted clients with renting 2,706 properties since the beginning of the year compared to 1,883 at this time last year.
* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
Ottawa Real Estate Statistics – June 2021
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