The Ontario government's stay-at-home order did not discourage motivated buyers to go on a shopping spree in May, as the Ottawa market continued with record sales in the residential resale and condo markets in May.

Here is what happened: 

New Housing Inventory Continued To Rise 

• New residential resale and condo listings increased significantly by 74.1% with 3,999 listings available in the market compared to 2,297 new listings that existed in May 2020. This trend shows the sellers having confidence in putting their homes on the market and getting them sold quickly after seeing the increase in vaccinations to combat the COVID-19 virus

Continued Record Sales In Residential Resale Market 

• 1,779 residential resale properties were sold, an increase of 67.4%, compared to 1,063 properties sold in May 2020. 

• Residential resale properties were sold quickly on average from 40 days to 11 days on the market, which is a 72.6% decrease from May 2020.

• Based on the number of properties sold, buyers purchased residential properties in the $500,000 to the over $1,000,000 price range which accounted for 86.7% of the residential resale property sales.

•  46% of the residential resale property sales in May 2021 involved properties sold over $700,000 compared to 16% properties sold at this time last year.

• Based on the number of properties sold, buyers purchased mostly: 
  • Two-storey properties - average sale price - $787,795 (previously $574,618 in May 2020)
  • Three-storey properties - average sale price - $699,050 (previously $594,632 in May 2020)
  • Bungalows (1-storey) - average sale price - $710,410 (previously $505,412 in May 2020) 

• Most of the residential properties were purchased in:
  • Downtown/Central Ottawa - average sale price - $860,775 (previously $692,243 in May 2020)
  • Kanata/Nepean/Barrhaven - average sale price - $749,734 (previously $558,197 in May 2020)
  • Orleans - average sale price - $728,092 (previously $544,235 in May 2020)
  • Casselman/Rockland/Hawkesbury - average sale price - $567,381 (previously $402,188 in May 2020)
  • Stittsville - average sale price - $832,410 (previously $606,063 in May 2020)
  • Carleton Place/Perth - average sale price - $598,360 (previously $450,074 in May 2020)

Continued Growing Sales In Condo Resale Market 

• 517 units were sold compared to 279 units sold in the same month in 2020, a 85.3% increase. 

• Condo units did not sell quickly compared to residential properties. They were sold on average from 26 days to 16 days on the market, which is a 39.2% decrease from the same month in 2020.  

• Based on the number of units sold, most buyers purchased condo units priced in the $300,000 to under the $500,000 price range, accounting for 67.7% of the condo market. 

• Based on the number of units sold, the most sold condo units were:  
  • Two-storey units - average sale price - $422,353 (previously $304,666 in May 2020)
  • One-level units - average sale price - $423,489 (previously $362,665 in May 2020)

• Most of the condos purchased were in:
  • Downtown/Central Ottawa - average sale price - $449,249 (previously $373,447 in May 2020)
  • Kanata/Nepean/Barrhaven - average sale price - $404,458 (previously $342,203 in May 2020)
  • Orleans - average sale price - $401,729 (previously $294,706 in May 2020) 

Record Sales in Luxury Home Market 

• 243 luxury properties, priced over $1,000,000 were sold compared to May 2020 where only 37 properties were sold, a 13.7% increase.

Semi-Rural and Rural Ottawa Gain Significant Increases in Year-To-Date Average Sale Prices

Districts in the semi-rural and rural areas were the top-ranked areas of the city that significant average sale price increases year-to-date (from May 2020 - May 2021):

• Manotick, Britannia & Lincoln Heights, Meadowlands/Crestview, Westboro and the surrounding areas, Dunrobin, and Greely were the districts that received the largest average sale price increases year over year above 50% with Ottawa's city limits (see results in the first table below).

• In the rural districts, Limoges, Embrun, Alfred and Russell in the east, Pakenham and Almonte in the west and Kemptville East and Winchester, Cornwall in the south recorded the largest price gains year to date above 40% (see results in the last table below).

 Source: James Bagnall @jamesbagnalll1, June 3, 2021