Residential resale and condo prices continued to increase by 20 per cent and 19.4 per cent, respectively, while the inventory of houses for sale in the Ottawa market continued to decrease. However, surprisingly, the Ottawa housing market generated record sales for the month of July during the COVID-19 pandemic along with significantly low employment numbers for the Ottawa region.

Here are the factors that contributed to the price increases and increased sales the Ottawa housing market experienced in July:

Listings Shortage

• There were 1,339 residential resale properties for sale in the market which is a 55.2 per cent decrease from July 2019.

• In the condo market, there were only 444 condo units for sale in the market which is a 37.3 per cent decrease from July 2019. 
• The contributing factors to the low inventory of residential properties and condo units are limited infrastructure and land lot opportunities for new residential development and the City of Ottawa's protection of the Greenbelt neighbourhood for environmental considerations. 

Multiple Offers

• 60 per cent of all properties sold in the market were over the asking price due to bidding wars compared to 33 per cent sold within the listed price in the same month last year.

Record Sales In Residential Resale Market 

• The residential resale market generated 1,646 houses sold, an increase of 19.4 per cent, compared to 1,378 properties sold in the same month in 2019. 

• Residential resale homes were sold slightly shorter on average from 39 days to 33 days on the market, which is a 17.4 per cent decrease from the same month in 2019.

• Buyers bought residential homes in the $400,000-$450,000, $450,000-$500,000, $500,000-$550,000, $550,000-$600,000 and $600,000-$650,000 price ranges, which accounted for 47.8 per cent of the residential resale home sales. 

• Buyers bought mostly: 
  • Two-storey homes - average sale price - $616,875 (previously $521,382 in July 2019) 
  • Bungalows (1-story) - average sale price - $549,067 (previously $443,250 in July 2019) 
     

• Most of the residential homes were bought in:
  • Carleton Place/Perth - average sale price - $457,870 (previously $359,098 in July 2019)
  • Downtown Ottawa - average sale price - $716,594 (previously $626,074 in July 2019)
  • Kanata/Nepean/Barrhaven - average sale price - $605,022 (previously $503,250 in July 2019)
  • Orleans - average sale price - $580,825 (previously $465,071 in July 2019)
  • Rockland/Casselman/Hawkesbury - average sale price - $430,031 (previously $328,641 in July 2019)

Record Condo Sales 

• The condo market generated 543 units sold compared to 460 units sold in the same month in 2019, an 18 per cent increase. 

• Condo units continued to sell much quickly on average than residential resale properties from 49 days to 18 days on the market, which is a 62 per cent decrease from the same month in 2019. 

• Buyers bought most of the condo units priced in the $250,000 - $300,000; $300,000 - $400,000 and $400,000 - $450,000 price ranges, accounting for 75 per cent of the condo market. 

• The most sold condo units were:  
  • Two-storey homes - average sale price - $329,789 (previously $266,195 in July 2019)
  • One-level homes - average sale price - $377,450 (previously $317,838 in July 2019)

• Most of the condos bought were in:
  • Downtown Ottawa - average sale price - $384,047 (previously $329,580 in July 2019) 
  • Kanata/Nepean/Barrhaven - average sale price - $345,408 (previously $272,816 in July 2019)

Significant Average Sale Price Gains Throughout Ottawa

• Based on the number of properties sold and average sale prices, below is the list of neighbourhoods are best selling places where many buyers purchased properties. This trend is giving sellers the advantages of selling their homes at above-market sale prices and homeowners owning their properties that have significantly increased in market value. 

• Barrhaven, Kanata, Orleans-Cumberland, Bells Corners, Dunrobin, Greely and Manotick were the most active neighbourhoods.