Ottawa Home Prices up 13% in September

Members of the Ottawa Real Estate Board (OREB) offered 1,607 residential or commercial properties last month, a sharp drop from the 2,314 houses offered in September 2020.

The board’s president, Debra Wright, stated in a declaration that the disparity is primarily connected to previous years inflated figures, which saw interruptions from the COVID-19 pandemic push real estate need from the spring into the typically slower summertime.
September 2021 house sales marked a 4 percent boost over 2019 figures and a 16 percent boost over 2018, Wright stated.
She kept in mind that September followed its normal sales patterns of slowing around the Labour Day weekend as school resumed and speeding up towards completion of the month.

Last month’s house sales consisted of 1,244 homes in the domestic class and 363 condominiums.
The typical price of a property house was $702,155 in September, up 13 percent year over year, while condominiums cost approximately $425,362, a boost of 14 percent from 2020.

Wright stated the growing house worths in Ottawa are “unavoidable provided the supply challenges we have actually been experiencing for a number of years now integrated with the relentless high need.”

Ottawa presently has about a one-month supply of real estate stock, Wright stated.

While stock levels are a bit higher than in pre-pandemic years, the 2,252 brand-new listings included last September was listed below the five-year average in addition to September 2020, which saw 2,906 houses inserted into the marketplace.

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