Ottawa Market Update: May 2021

It’s been a wild year with Covid-19 and lockdowns & you’re probably wondering how this is STILL impacting Ottawa’s Real Estate Market today?

Ottawa Real Estate Board President, Debra Wright states that “Although Ontario was in a lockdown in both May 2020 and May 2021, the impact they had on Ottawa’s resale market was quite different – with this year’s number of transactions being well over the five-year average. Undoubtedly, enhanced safety measures and vaccine adoption rates have enabled potential Buyers and Sellers to feel more protected and comfortable in their home buying and selling process”.

May’s average sale price for a condominium-class property was $424,843 an increase of 24 per cent from last year, while the average sale price for a residential-class property was $741,206, an increase of 35 per cent from a year ago. With year-to-date average sale prices at $736,241 for residential and $420,074 for condominiums, these represent a 35 per cent and 21 percent increase over 2020.

As we come out of this lockdown & with the market continuously shifting with the new stress test measure now in effect & fixed mortgage rates climbing back to over 2% we are here to help you every step of the way! Contact us if you have any questions about the current market and want to know if now is the right time to Buy, Sell or Invest. We are always happy to help!

Source: Ottawa Real Estate Board, www.oreb.ca

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