Ottawa Housing Market Report

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Market Report Summary
Updated April 7th, 2021
  • Home sales break new records for the month with a 50% year-over-year increase to 2,285 transactions
  • Average sold prices increased by 31% year-over-year to $677K
  • Single-family home prices increased by 36% year-over-year to $758K
  • Condo apartment prices increased by 18% year-over-year to $437K

Ottawa Housing Market Overview

Data for March 2021
Avg. Sold Price:$677,129
All Property Types:$677,129
Single Family:$758,802
Condo Apartment:$437,041
Transactions (Buy/Sell):2,285
All Property Types:2,285
Single Family:1,705
Condo Apartment:580

Ottawa's real estate market had a strong start to the spring season as home prices reached new all-time-highs of $677K. Almost 80% of resales in Ottawa sold over asking price this month, signalling strong demand from home buyers. Home sales also broke new records for the month of March with 2,285 transactions, a 50% increase year-over-year. Based on this strong start, Ottawa could easily previous housing activity records set in Summer 2020 in the next few months.

Notice: Year-over-year comparisons for March and the next two months will be exaggerated by the temporary downturn from the outbreak of COVID-19 in March 2020.

Home prices on Ottawa increased by 31% year-over-year to $677K. Single-family property prices saw the biggest increases with 36% year-over-year growth to $758K. Condo apartments followed with a 18% year-over-year increase to $437K. Unlike in Toronto's housing market or Vancouver's housing market, condo prices in Ottawa have grown significantly in the past year, signalling strong demand for all property types.

Home sales in Ottawa reached 2,285 transactions, a 50% increase year-over-year. Single-family properties saw a 46% increase in sales year-over-year while sales of condo apartments grew by 63% compared to March 2020. While the impact of COVID-19 in March 2020 has exaggerated year-over-year sales growth figures, sales activity is near Summer 2020 highs and could easily surpass them in the coming months as the spring real estate season ramps up.

Home prices in Ottawa remain significantly lower than those in Vancouver’s real estate market or Toronto’s real estate market. Most homes in Ottawa are still below the $1 million mark and are consequently still eligible for a minimum down payment of 5% and CMHC insurance, allowing a much larger audience of buyers to compete for very limited inventory. Rising mortgage rates have also pushed home buyers to quickly purchase and lock-in mortgage rates before rates rise any further, pushing short-term demand even higher. The rising rates could pose a long-term headwind to home prices, however, by decreasing the purchasing power of potential home buyers.


Home Prices in Ottawa

Single-Family Home Prices in Ottawa

Statistics for March 2021
Average Price: $758,80235.6% from Mar. 2020
Units Sold: 1,70545.7% from Mar. 2020

Condo Prices in Ottawa

Statistics for March 2021
Average Price: $437,04118.3% from Mar. 2020
Units Sold: 58063.4% from Mar. 2020

Ottawa Housing Market Statistics for All Property Types in March 2021

$677,129
Avg. Sold Price
6%
Monthly change
27%
Quarterly change
31%
Annual change
2,285
Transactions (Buy/Sell)
64%
Monthly change
128%
Quarterly change
50%
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Top Real Estate Agents in

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Housing Markets Across Canada

ONQCMBSKABBCToronto Housing MarketVancouver Housing MarketHamilton Housing MarketMontreal Housing MarketOttawa Housing MarketEdmonton Housing MarketCalgary Housing Market

Market Overview for Freeholds in March 2021

$758,802
Avg. Sold Price
6%
Monthly change
26%
Quarterly change
36%
Annual change
1,705
Transactions (Buy/Sell)
66%
Monthly change
140%
Quarterly change
46%
Annual change

Average Sold Price

Transactions


Market Overview for Condominiums in March 2021

$437,041
Avg. Sold Price
7%
Monthly change
23%
Quarterly change
18%
Annual change
580
Transactions (Buy/Sell)
60%
Monthly change
99%
Quarterly change
63%
Annual change

Average Sold Price

Transactions

Top Real Estate Agents in

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Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Housing Markets Across Canada

Data sourced from the Ottawa Real Estate Board (OREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.