Ottawa's residential resale and condo markets generated soaring record sales in March due to the following factors: 

 Record Increase In New Housing Inventory 

• New listings increased significantly by 41.4% with 3,661 listings available in the market compared to 2,589 new listings that existed in March 2020.

Majority of Resale Properties Were Sold Over Asking Price

• Almost 80% of resale properties were sold for more than the asking price also increased compared to 60% that were sold a year ago.

• Nearly 6% of the resale properties were sold over the asking price, while 14% were sold for less than the asking price.

Continued Record Sales In Residential Resale Market 

• The residential resale market generated 1,705 properties sold, an increase of 46.6%, compared to 1,163 properties sold in March 2020. 

• Residential resale properties were sold quickly on average from 35 days to 12 days on the market, which is a 64.7% decrease from March 2020.

• Based on the number of properties sold, buyers purchased residential properties in the $550,000 to under the $1,000,000 price range which accounted for 66.8% of the residential resale property sales. 

• Based on the number of properties sold, buyers purchased mostly: 
  • Two-storey properties - average sale price - $787,236 (previously $578,740 in March 2020)
  • Three-storey properties - average sale price - $817,603 (previously $695,369 in March 2020)
  • Bungalows (1-storey) - average sale price - $712,234 (previously $529,655 in March 2020) 

• Most of the residential properties were purchased in:
  • Downtown/Central Ottawa - average sale price - $882,971 (previously $715,732 in March 2020)
  • Kanata/Nepean/Barrhaven - average sale price - $796,560 (previously $580,558 in March 2020)
  • Orleans - average sale price - $696,718 (previously $542,675 in March 2020)
  • Casselman/Rockland/Hawkesbury - average sale price - $570,739 (previously $388,576 in March 2020)
  • Carp/Stittsville - average sale price - $819,624 (previously $590,825 in March 2020)
  • Carleton Place/Perth - average sale price - $641,420 (previously $442,262 in March 2020)

Record Sales In Condo Resale Market 

• The condo market generated 580 units sold compared to 351 units sold in the same month in 2020, a 65.2% increase. 

• Condo units did not sell quickly compared to residential properties. They were sold on average from 23 days to 18 days on the market, which is a 24.6% increase 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 68.8% of the condo market. 

• Based on the number of units sold, the most sold condo units were:  
  • Two-storey units - average sale price - $445,755 (previously $334,760 in March 2020)
  • One-level units - average sale price - $433,394 (previously $388,581 in March 2020)

• Most of the condos purchased were in:
  • Downtown/Central Ottawa - average sale price - $451,519 (previously $418,236 in March 2020)
  • Kanata/Nepean/Barrhaven - average sale price - $432,843 (previously $323,098 in March 2020)
  • Orleans - average sale price - $423,534 (previously $229,990 in March 2020) 

Record Sales in Luxury Properties

• The luxury market (sale prices over $1,000,000) generated record sales in March with 225 properties sold compared to March 2020 where only 38 properties were sold.