Members of the Ottawa Real Estate Board sold 862 residential properties in December, compared with 997 in December 2020, a decrease of 14 per cent.
Ottawa Real Estate Board
The average residential-class home sold for $716,992 last month, up from just over $600,000 a year earlier, the Ottawa Real Estate Board said Friday.
Firm predicts the city’s housing inventory will grow slightly in the year ahead but says “low levels are expected to remain a concern.”
Board president suggests owners of rental properties who might have put them on the resale market in the past are retaining homes and condos “for investment purposes.”
While Ottawa has maintained its status as a safe city for commercial investment, the COVID-19 pandemic has changed the way investors think about commercial properties in the capital.
Purchasers were hit with double-digit price increases in September despite a drop in sales compared with a year earlier.
Overall sales in Ottawa were down compared with 2020 for the second straight month.
With many office towers and traditional mainstreets still quiet, tenants and landlords alike face an uncertain outlook.
The average sale price of a residential-class property in the capital was about $685,000 last month, up 17 per cent from a year ago.
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.