Ottawa’s Winter 2021 Real Estate Market Update
In many ways, these are still very unusual times; and the real estate market is no exception. Now that we are well into 2021, it’s a good time to take a look at the real estate market in Ottawa today.
Sales are still soaring
This January, sold residential properties in Ottawa increased 24% compared to 2020. And we saw a 31% increase in condo sales.
“Pent-up Buyer demand fueled the exceptional number of sales” states Ottawa Real Estate Board President, Debra Wright.
And February was unprecedented as well. “We witnessed a record number of sales in February 2021” Write said. “With less than a month’s supply in both categories, residential homes, in particular, are experiencing the quickest turnarounds.”
Sale prices are high too
February’s average sale price for a condos was $407,671. That's an increase of 17% from last year, while the average sale price of a residential properties was $717,914, an increase of 27% from a year ago.
We are continuing to see the same trend again and again: despite the pandemic, home sales and average sale prices are breaking records month after month. Lending rates also remain low, meaning that it is still a great time to buy.
While the pandemic has resulted in some uncertainty, with 2020 showing record sales, the market is proving to be both resilient, and promising going forward into the bulk of 2021.
Whether you are looking to buy or sell, I’m here to help with all of your real estate needs.