Ottawa realtors sold 964 homes and condos in January 2021. This figure compares with 778 residential homes sold in January 2020 representing an increase of 24% in sales volume for the city compared with January 2020.

674 freehold type (non-condo) residential houses were sold by Ottawa real estate agents in January 2021 showing an increase of 21% from a year ago and 290 Ottawa condos were sold representing a substantial increase of 31% from January 2020.

While inventory is up from December 2020, it is still greatly down from the average last year with 43% fewer properties available for sale in the Ottawa real estate market. This shortage of available homes for sale further causes residential property prices to increase as most houses in Ottawa now sell with multiple buyers bidding and generally causing the property to sell for over the asking price. Specific offer presentation dates and times are the norm now in the city.

The average sale price for Ottawa condos for sale was $380000 an increase of 13% from last year. The average price for a freehold house in Ottawa was $677000 an increase of 31% from January 2020.

Relative to December 2020 the sale price for Ottawa condominiums increased by 7 per cent while freehold Ottawa houses for sale increased by 12 per cent.

There were 63 houses that sold for over one million dollars in Ottawa in January 2020 relative to only 16 such transactions one year ago. Million-dollar properties are no longer unique and most indicators predict more houses will sell in the million dollar and more price point in 2021.

This trend shows a pent-up buyer demand that drove January’s resale housing market drastically higher since January 2020 and the trend is continuing upwards in sales values in Ottawa real estate.

Keep in mind these sale figures are based on average sold prices of Ottawa condos and houses sold on the MLS listings platform. Property values can be drastically different based on location, neighborhood, age, size and condition of the structures. For a more detailed and accurate property value analyzes make sure to consult a real estate professional and appraiser.

The province and city-wide Covid-19 related shutdowns and subsequent government financial help seem to have dramatically altered the capital’s housing market conditions. Pent-up demand especially for single houses in suburbs, such as Barrhaven homes for sale and the lowest interest rate available in more than a generation created a huge demand for housing. The number of listings on the market cannot keep pace with the increasing number of buyers looking for new homes. It will be interesting to see if this trend continues into the latter part of 2021 or whether the Ottawa residential market undergoes yet another change this year.

If you are a home buyer you are well advised to prepare for the home buying process. Sellers strongly prefer firm offers with no conditions. Your finances therefore must be in excellent order and the mortgage pre-approval is a must have when bidding for a property. Furthermore, most buyers need to accept the unique and often frustrating reality of multiple buyers bidding on homes. This makes the house hunting process much more complex and longer. Patience and the ability to give strong and attractive offers are key to successfully purchase a home in Ottawa in this market.

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