Historically, during the fall season, the Ottawa real estate market typically slows down. However, the market changed the historical trend with record sales in the residential resale housing market in October. 

There are many factors that contributed to Ottawa's residential resale market generating record sales in October:

Increased Buyer Demand Continued

• Historically low mortgage rates, low property inventory available for sale, buyers, particularly couples with or without children, retirees and people living in downtown Ottawa looking for properties that offer larger square footage for new home office space for teleworking and large backyards in the rural areas continued to increase buyer demand in October. 

Continued Record Sales In Residential Resale Market 

• The residential resale market generated 1,665 houses sold, an increase of 37.7%, compared to 1,209 properties sold in the same month in 2019. 

• Residential resale homes were sold quickly on average from 44 days to 19 days on the market, which is a 56.5% decrease from the same month in 2019.

• Buyers bought residential homes in the $400,000-$800,000 price range and above $1 million, which accounted for 77.5% of the residential resale home sales. 

• Buyers bought mostly: 
  • Two-storey homes - average sale price - $630,149 (previously $511,646 in October 2019) 
  • Bungalows (1-story) - average sale price - $566,122 (previously $442,170 in October 2019) 

• Most of the residential homes were bought in:
  • Downtown Ottawa - average sale price - $732,353 (previously $621,216 in October 2019)
  • Kanata/Nepean/Barrhaven - average sale price - $617,338 (previously $497,921 in October 2019)
  • Orleans - average sale price - $593,781 (previously $455,930 in October 2019)
  • Rockland/Casselman/Hawkesbury - average sale price - $415,026 (previously $307,499 in October 2019)
  • Carleton Place/Perth - average sale price - $487,828 (previously $377,932 in October 2019)
  • Stittsville - average sale price - $656,126 (previously $491,560 in October 2019)

Stable Condo Sales 

• The condo market generated 481 units sold compared to 395 units sold in the same month in 2019, a 21.8% increase. 

• Condo units continued to sell much quickly on average than residential resale properties from 41 days to 19 days on the market, which is a 55% decrease from the same month in 2019. 

• Buyers bought most of the condo units priced in the $250,000 - $400,000 price range, accounting for 66.9% of the condo market. 

• The most sold condo units were:  
  • Two-storey homes - average sale price - $342,414 (previously $292,761 in October 2019)
  • One-level homes - average sale price - $393,872 (previously $332,653 in October 2019)

• Most of the condos bought were in:
  • Downtown Ottawa - average sale price - $392,759 (previously $360,821 in October 2019) 
  • Kanata/Nepean/Barrhaven - average sale price - $330,647 (previously $314,340 in October 2019)
  • Orleans - average sale price - $348,090 (previously $245,608 in October 2019)

Average Sale Prices Continued to Increase In Rural Ottawa

Below is the list of neighbourhoods are best selling places where many buyers purchased properties and homeowners gained a significant increase in their property values in October (see table below):

• Carp, Greely, Manotick, Bells Corners and Stittsville were the districts that received the largest average sale price increases year over year above 34% 

• Orléans-Cumberland, Core Ottawa, Kanata and Barrhaven continued to be the most active districts where buyers purchased properties that generated average sale price increases above 22% compared to October 2019. 

• In the rural areas, Kemptville, Almonte, Smiths Falls, Braeside, McNab, Mississippi Mills and the Ottawa Valley generated average sale price increases above 30% compared to October 2019. 

Source: Low inventory: COVID real estate price rally pushes through October, James Bagnall, Ottawa Citizen, November 5, 2020.