In January, REALTORS sold 780 properties which was an increase of 4.5% from January 2019.
The average sale price of a residential property sold in January was $516,229. Which is an increase of 19.3% over January last year.
The average sale price of a condominium sold in January was $338,077, which is an increase over last year by 19.1%.
According to the 2020 President of the Ottawa Real Estate Board (OREB), Deborah Burgoyne;
“2020 is off to a slower start as the shortage of inventory is now impacting market momentum. Although we have higher sales than the five-year average, due to increased condo sales, the persistent supply challenges seem to have finally caught up with us. Furthermore, the number of new listings that came on the market in January (1,082) is well below the average (1,651). We don’t expect this trajectory to change anytime in the foreseeable future. The supply chain needs to be buffered at all points along the continuum from first-time and move-up buyers, to downsizing boomers as well as renters. They are all interconnected links in the housing chain. The fact is Ottawa’s market has always been steadily increasing at a reasonable pace and is sustainable. If buyers are waiting for prices to decline, based on historical trends, it’s not likely. Although supply may pick up eventually—if you need to get into the market, don’t wait. It’s a challenging market for everyone. Hire a trusted professional to ensure you are protected and well informed in your home buying or selling transaction.”
OREB Sales Representatives also helped clients rent 243 properties, which is an increase from the 169 sold in 2019.