Despite increased prices, the Ottawa resale housing market generated record sales in September. 

Residential resale and condo prices continued to increase by 28% and 21%, respectively. 

There are many factors that contributed to the price increases and increased sales in Ottawa's residential resale market in September:

Increased Buyer Demand

• The higher price increases were driven by historically low mortgage rates, low property inventory available for sale and increased buyer demand for properties that offer larger square footage for new home office space for teleworking and large backyards in the rural areas.

Listings Shortage Continued

• There were 1,472 residential resale properties for sale in the market which is a 46.9% decrease from 2,770 listed properties in September 2019.

• In the condo market, there were only 561 condo units for sale in the market which is a 5.6% decrease from 594 listed units in September 2019. 

Continued Record Sales In Residential Resale Market 

• The residential resale market generated 1,759 houses sold, an increase of 58.3%, compared to 1,294 properties sold in the same month in 2019. 

• Residential resale homes were sold quickly on average from 42 days to 24 days on the market, which is a 43.1% decrease from the same month in 2019.

• Buyers bought residential homes in the $400,000-$900,000 price range and above $1 million, which accounted for 86.2% of the residential resale home sales. 

• Buyers bought mostly: 
  • Two-storey homes - average sale price - $652,214 (previously $513,681 in September 2019) 
  • Three-storey homes - average sale price - $704,813 (previously $506,120 in September 2019) 
  • Bungalows (1-story) - average sale price - $564,916 (previously $464,418 in September 2019) 

• Most of the residential homes were bought in:
  • Downtown Ottawa - average sale price - $781,258 (previously $623,524 in September 2019)
  • Kanata/Nepean/Barrhaven - average sale price - $619,987 (previously $507,880 in September 2019)
  • Orleans - average sale price - $603,292 (previously $466,306 in September 2019)
  • Rockland/Casselman/Hawkesbury - average sale price - $446,107 (previously $327,028 in September 2019)

Record Condo Sales 

• The condo market generated 570 units sold compared to 436 units sold in the same month in 2019, a 30.7% increase. 

• Condo units continued to sell much quickly on average than residential resale properties from 47 days to 23 days on the market, which is a 51.6% 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 70.9% of the condo market. 

• The most sold condo units were:  
  • Two-storey homes - average sale price - $348,242 (previously $278,839 in September 2019)
  • One-level homes - average sale price - $391,206 (previously $334,386 in September 2019)

• Most of the condos bought were in:
  • Downtown Ottawa - average sale price - $405,082 (previously $339,169 in September 2019) 
  • Kanata/Nepean/Barrhaven - average sale price - $358,625 (previously $282,293 in September 2019)
  • Orleans - average sale price - $341,771 (previously $259,202 in September 2019)

Average Sale Prices Continue to Increase Throughout Ottawa

Below is the list of neighbourhoods are best selling places where many buyers purchased properties in September. This is the result of specific important trends for potential buyers and sellers to be aware of: 

• Beacon Hill, Rockcliffe Park, Glebe, Carp and Dunrobin were the districts that received the largest average sale price increases year over year, ranging from 46% to 87%.
• Orléans-Cumberland, Kanata and Barrhaven were the most active neighbourhoods buyers purchased properties that generated average sale price increases between 18% to 29% compared to September 2019.
• In the rural areas, Braeside-McNab, Mississippi Mills, Russell and Kemptville East generated average sale price increases ranging from 29% to 50% compared to September 2019. 

Source: James Bagnall, @JamesBagnall1, October 5, 2020