April’s Resale Market Starts Strong and Sputters- Courtesy of the Ottawa Real Estate Board May 5, 2021

Dated: May 6 2021

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Members of the Ottawa Real Estate Board sold 2,402 residential properties in April through the Board’s Multiple Listing Service® System, compared with 911 in April 2020, an increase of 164 per cent. April’s sales included 1,859 in the residential-property class, up 166 per cent from a year ago, and 543 in the condominium-property category, an increase of 155 per cent from April 2020. The five-year average for total unit sales in April is 1,830.

April’s average sale price for a condominium-class property was $427,145, an increase of 30 per cent from last year, while the average sale price for a residential-class property was $743,204, an increase of 42 per cent from a year ago. With year-to-date average sale prices at $734,682 for residential and $418,792 for condominiums, these values represent a 35 per cent and 20 percent increase over 2020, respectively.

“These accelerated price increases boil down to a lack of supply and will continue to be a challenge for Buyers until more inventory becomes available – it’s fundamental supply and demand economics. Certainly, April’s substantial increase in new listings, 19% higher than the five-year listing average and over 400 units more than the previous month, gives us cautious optimism. When the Stay-atHome order concludes, we hope that pentup supply will bring some much-needed housing stock to the resale market,” suggests Wright.

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Ian Ponting

Many years in the Material and Manufacturing Management discipline with several Fortune 500 firms. Experienced Computer Programmer/Analyst. 29 years as a Real Estate Sales Representative....

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