Ottawa’s September 2021 resale market may have taken a tumble compared to 2020, but there seems little reason for sellers to panic. In fact, according to the Ottawa Real Estate Board, September sales were just about on par with the five year average.
Realtors sold 1,607 properties through the board’s Multiple Listing Service (MLS), down almost one-third from the 2,314 sold in the same month last year. September’s sales included 1,244 non-condo properties, down 29 per cent from a year ago, and 363 condos, a decrease of 36 per cent. The five-year average for total unit sales in September is 1,648.
“As per usual, the resale market in the early part of the month moved slowly due to the Labour Day holiday weekend and parents settling their children back into their school routines,” said board president Debra Wright. “Activity began to accelerate towards the end of the month, which is behaviour typical of the market in September,”
Wright said that while transactions were down in the September 2021 resale market compared to 2020, last year’s sales were unusually high because the first COVID-19 lockdown meant the normally busy spring market shifted to the summer and fall.
Prices still rising, inventory low & demand high
In keeping with the trend of the past couple of months, sales were down but resale property prices continued to increase in September.
Non-condo properties averaged $702,155 while condos came in at $425,362. Those prices were up 13 and 14 per cent respectively compared to last September. Year-to-date, non-condo prices are averaging $720,492 and condos $421,062, up 17 and 25 per cent respectively over the same period last year.
Wright said the increases are “inevitable” given the long-running lack of resale inventory and high demand for homes in Ottawa. Although the 2,252 listings in September were up over August, the number still fell below the five-year average and is far below the 2,906 new listings in September of last year.
“While inventory has improved slightly from the pre-pandemic years (2017-2019), it is still the principal cause for concern with just over one month’s supply in the housing stock at this time,” said Wright.