September sales of homes in Ottawa were more in line with the level before COVID-19, the local real estate agency said this week, though it warned that a tight housing supply continues to threaten affordable prices in the country’s capital.
Members of the Ottawa Real Estate Board (OREB) sold 1,607 properties last month, a sharp drop from the 2,314 homes sold in September 2020.
Board Chairman Debra Wright said in a statement that the discrepancy is mainly linked to last year’s inflated numbers, which saw disruptions from the COVID-19 pandemic push housing demand from spring into the traditionally slower summer months.
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September 2021 home sales marked a four percent increase over 2019 figures and a 16 percent increase over 2018, Wright said.
She noted that September followed its usual sales patterns to slow around the weekend on Labor Day as the school resumed and accelerated towards the end of the month.
Last month’s home sales included 1,244 properties in the housing class and 363 condominiums.
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The average selling price of a residential home was $ 702,155 in September, an increase of 13 percent year over year, while apartments sold for an average of $ 425,362, an increase of 14 percent from 2020.
Wright said the growing home values in Ottawa are “inevitable given the supply challenges we have experienced for several years now combined with the tireless great demand.”
Ottawa currently has about a month’s supply of housing stock, Wright said.
Although inventory levels are slightly higher than in the years before the pandemic, the 2,252 new listings added last September were below the five-year average as well as September 2020, when 2,906 units were added to the market.
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