The average price of a residential-class property in Ottawa was $725,970 last month, up 26 per cent from a year earlier but below the year-to-date average of more than $734,000.
Ottawa Real Estate Board
With many office towers and traditional mainstreets still quiet, tenants and landlords alike face an uncertain outlook.
The average residential-class property in the capital sold for $741,000 in May, an increase of 35 per cent over the same month a year ago.
Residential-class homes in Ottawa sold for an average of nearly $743,000 last month, latest figures show.
Average sale price for a residential-class property was $758,802, an increase of 35% from a year ago.
The average price of a residential-class property jumped 27 per cent to nearly $720,000 last month compared with February 2020.
While nearly half of all homes trading hands in the capital sold for less than $400,000 in 2019, less than a third of all transactions last year were in that price bracket, agency says.
That's up slightly from 10 years ago but still well below the “affordability threshold” of 30 per cent, according to the new report from real estate search portal Point2.
Price ceilings on the rise: Surge in million-dollar sales pushes average Ottawa home value to new heights
Local realtors said 63 properties sold for at least $1 million last month, compared with 16 transactions valued at $1 million-plus in January 2020.
Overall, nearly 19,000 homes changed hands last year, a slight increase over 2019’s total of about 18,600.