Residential-class homes in Ottawa sold for an average of nearly $743,000 last month, latest figures show.
Ottawa Real Estate Board
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.
Board says the number of condos listed for sale is 25 per cent higher than a year ago, and properties are staying on the market longer.
The average sale price of a home in Ottawa was $524,956 in the first 10 months of 2020, brokerage said Tuesday, up 19.2 per cent from a year earlier.
While sales of condominiums rose 22 per cent year-over-year to 481, the number of new units added to the market jumped 70 per cent compared with October 2019.