Ottawa's resale market continued to maintain its stability and strength with record residential and condo sales.

Here are statistics in December that demonstrate the continued demand for real estate in Ottawa and the surrounding areas: 

Decreased Inventory in Residential Listings

• Residential listings decreased by 59.2% with 622 listings available compared to 1525 listings that existed in December 2019. 

Continued Record Sales In Residential Resale Market 

• The residential resale market generated 710 properties sold, an increase of 33.7%, compared to 531 properties sold in December 2019. 

• Residential resale properties were sold quickly on average from 47 days to 32 days on the market, which is a 30.9% decrease from December 2019.

• Based on the number of properties sold, buyers purchased residential properties in the $450,000-$800,000 price range which accounted for 65.2% of the residential resale property sales. 

• Based on the number of properties sold, buyers purchased mostly: 
  • Two-storey properties - average sale price - $630,699 (previously $549,071 in December 2019) 
  • Bungalows (1-story) - average sale price - $573,988 (previously $463,840 in December 2019) 

• Most of the residential properties were purchased in:
  • Downtown Ottawa - average sale price - $737,971 (previously $647,349 in December 2019)
  • Kanata/Nepean/Barrhaven - average sale price - $639,052 (previously $536,584 in December 2019)
  • Orleans - average sale price - $608,528 (previously $495,079 in December 2019)

Continued Record Sales In Condo Resale Market 

• The condo market generated 292 units sold compared to 226 units sold in the same month in 2019, a 29.2% increase. 

• Condo units did not sell quickly as in previous months. They were sold on average from 34 days to 32 days on the market, which is a 4.8% decrease from the same month in 2019.  

• Based on the number of units sold, most buyers purchased condo units priced in the $250,000 - $400,000 price range, accounting for 63.4% of the condo market. 

• Based on the number of units sold, the most sold condo units were:  
  • Two-storey properties - average sale price - $338,345 (previously $281,410 in December 2019)
  • One-level properties - average sale price - $365,871 (previously $325,073 in December 2019)

• Most of the condos purchased were in:
  • Downtown Ottawa - average sale price - $385,146 (previously $343,023 in December 2019) 
  • Kanata/Nepean/Barrhaven - average sale price - $324,555 (previously $286,919 in December 2019)
  • Orleans - average sale price - $314,617 (previously $268,364 in December 2019)

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

Districts in the semi-rural and rural areas continued to be the top-ranked areas of the city with significant average sale price increases year-to-date (from December 2019 - December 2020):

• Bells Corners, Beacon Hill North & South, Greely, Manotick and the surrounding areas, Carp and Fitzroy Harbour were the districts that received the largest average sale price increases year over year above 23% (see results in the first table below)

• In the Ottawa Valley, Pakenham, Braeside-McNab, Mississippi Mills, Russell, Rockland, Arnprior and Kemptville East again recorded the largest average price gains year to date. Average sale prices within these group of towns ranged from close to $400,000 in properties Arnprior to $590,000 for properties in Mississippi Mills. (see results in the last table below)

 Source: Ottawa's strange pandemic-fuelled year in real estate: The drive for more space continues.

 James Bagnall, Ottawa Citizen, January 7, 2021.