Strong buyer demand for housing in Ottawa's residential resale market continued in January which boosted record residential and condo sales during Ontario's Stay-At-Home order.

What happened? 

Increased Inventory in New Residential Listings

• New residential listings increased slightly by 10.8% with 1,863 listings available compared to 1,682 listings that existed in January 2020. This is an improvement, however, the supply of new listings for sale is still limited relative to significant buyer demand. 

Continued Record Sales In Residential Resale Market 

• The residential resale market generated 674 properties sold, an increase of 21.%, compared to 557 properties sold in January 2020. 

• Residential resale properties were sold quickly on average from 55 days to 32 days on the market, which is a 40.8% decrease from January 2020.

• Based on the number of properties sold, buyers purchased residential properties in the $550,000-$800,000 and over $1,000,000 price ranges which accounted for 61.5% of the residential resale property sales. 

• Based on the number of properties sold, buyers purchased mostly: 
  • Two-storey properties - average sale price - $702,763 (previously $537,510 in January 2020) 
  • Bungalows (1-story) - average sale price - $634,881 (previously $468,285 in January 2020) 

• Most of the residential properties were purchased in:
  • Downtown Ottawa - average sale price - $808,168  (previously $676,623 in January 2020)
  • Kanata/Nepean/Barrhaven - average sale price - $725,952 (previously $536,038 in January 2020)
  • Orleans - average sale price - $808,168 (previously $676,623 in January 2020)
  • Carleton Place/Perth - average sale price - $486,858 (previously $398,858 in January 2020)

Continued Record Sales In Condo Resale Market 

• The condo market generated 290 units sold compared to 221 units sold in the same month in 2020, a 31.2% increase. 

• Condo units did not sell quickly as in previous months. They were sold on average from 38 days to 35 days on the market, which is an 8.9% decrease from the same month in 2020.  

• Based on the number of units sold, most buyers purchased condo units priced in the $250,000 - $450,000 price range, accounting for 71.3% of the condo market. 

• Based on the number of units sold, the most sold condo units were:  
  • Two-storey properties - average sale price - $401,014 (previously $297,559 in January 2020)
  • One-level properties - average sale price - $376,759 (previously $356,595 in January 2020)

• Most of the condos purchased were in:
  • Downtown Ottawa - average sale price - $393,942 (previously $382,630 in January 2020) 
  • Kanata/Nepean/Barrhaven - average sale price - $400,065 (previously $299,927 in January 2020)
  • Orleans - average sale price - $348,778 (previously $281,649 in January 2020)

Record Sales in Luxury Properties

• The luxury market generated record sales in January with 63 properties sold which is four times more the number sold in January 2020.

• Most of the luxury property sales occurred in Rockcliffe Park, Rothwell Heights, Glebe, Russell Township, Rideau Lakes, Lanark Highlands and throughout the city ranging from Greely to the northeast Kanata.

Ottawa Valley Towns Gained Significant Increases in Year-To-Year Average Sale Prices

The towns located in the Ottawa Valley continued to be the top-ranked areas of the city with significant average sale price increases year-to-year (from January 2020 - January 2021):

• In the Ottawa Valley, Pakenham, Braeside-McNab, Mississippi Mills, Russell, Rockland, Arnprior and Kemptville East again recorded the largest average sale price gains year-to-year. Average sale prices within these group of towns ranged from close to $471,000 for properties in Arnprior to $566,000 for properties in the Rideau Lakes/Westport area. (see results in the last table below)

 Source: House prices surge 31 per cent in January as inventories shrink further

 James Bagnall, Ottawa Citizen, February 4, 2021.