October 2021 Ottawa Real Estate Market Update

October has proved to be another month of stability in the Ottawa Real Estate market. September’s report was called “Stable September” because we were seeing pre-pandemic trends as far as the number of properties sold and October has continued that trend.

In October, OREB members sold 1677 properties and of that number, 1263 of those properties were residential and 414 were condos. The five-year average for properties sold is 1605 so, you can see Ottawa is hovering right around that number. Prices continue to hold stable with a slight increase over last month and that is largely due to our continued issue of inventory. The average condominium sale price was $404 760 in October and that is an increase of 10% over last year. The average residential sale price was $716 378 and that is an increase of 19% over last year.

Inventory remains an issue and a driving factor impacting the prices in Ottawa. Many people had plans to make a real estate move in 2020 or 2021 and Covid cancelled those plans. The people decided to stay put instead and that is a contributing factor to our low housing supply. However, Ontario is discussing lifting Covid-19 restrictions in March around the same time that we usually start the busy spring market. If the restrictions are lifted, I predict that we will see more houses on the market and more buyers on the market and that is going to create one active spring 2022 real estate market.

If you're interested in receiving a report specific to the neighborhood you live in, send me an email saying, “Keep me Informed” and I will send you a report every thirty days on similar homes sold in your area.