September 2021 Ottawa Real Estate Market Update

Stable September! The Ottawa real estate market in September shows signs that are reminiscent of Septembers in the past five years. I’m Liza Wilson, trusted real estate agent, and I've been helping people buy, sell, or invest in the Ottawa real estate market for over 10 years.

The first indication of a stable September was the number of properties sold. In September, Ottawa Real Estate board members sold 1607 properties and that is hovering just around the five-year average of 1648. The second indication of a stable September is the house prices. The average condominium sale price was $425,362 which is an increase of 14% over last year. Condominiums will continue to be a popular purchase for first time buyers and downsizers because of the lower price points. The most desirable condominiums this year amongst my clients have been those with two storeys because they provide more living space. The average residential sale price was $702,155 and that's an increase of 13% over last year. Since spring this average residential sale price has fluctuated some however, September’s number shows continuing signs of stabilization in the market.

As a real estate agent, I am often asked my predictions for the market. In these cases, I like to look at historical numbers and listen to advice from various reputable sources in the business. The Ottawa Real Estate Board president (Debra Wright) herself said, “house values are holding steady.” House prices are likely to remain steady because in Ottawa, our low inventory is still an issue. In September, we saw over 2200 new listings come onto the market, however that's below our five year average. If we go back to September 2020, there were 2900 new listings so, as long as the demand is there and the inventory is low, we are not going to return to a balanced market yet.

Ever thought about having a rental property? As an investor myself, the rising number of rental properties that real estate agents are renting has my attention. So far this year, Ottawa Real Estate Board members have helped rent 3 598 properties. At the same time last year, Ottawa Real Estate Board members had rented 2536 properties. With an increase of more than a thousand properties, this tells me there is an increasing demand for rentals and with higher prices of homes, that demand is likely to continue. People may need to rent a little longer to save a down payment before purchasing their first home.

If you are interested in knowing the sale prices in your neighbourhood, send me an email (lizawilson.sold@gmail.com) saying “Keep Me Informed” and I will start sending you similar homes to yours that have sold every single month so that you can stay informed.