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Ottawa Real Estate News: August 2020 Update and 2021 Forecast
December continued 2020's trend of records with 1,002 homes sold in the month, a 32.4% increase over 2019. Over 431 2-storey single-family detached homes were sold in the month at an average price of $630,699, 14.9% more than 2019 but still relatively cheap compared to the GTA housing market. Ottawa's condo market has also remained strong as 292 condos were sold for an average of $355,982, a 14.4% increase versus 2019. In contrast, condos in Toronto have dropped in prices compared to last year.
In terms of the year, 2020 has been remarkably strong despite the impact of COVID-19. Total homes sold in the year were only 1.5% lower than 2019 with later months making up for the lost activity in March and April. Home prices have increased far beyond CPI inflation with an average price increase across all property types of 18.8%.
The growth in Ottawa real estate leads real estate growth in other markets throughout Canada. Backed by record household savings rates and government programs including the CMHC First-Time Home Buyer Incentive, many Canadian housing markets have risen past their previous highs despite COVID-19. Ottawa also has the advantage of being a center for government jobs, which are usually stable and highly-valued in times of financial uncertainty. Looking forward to 2021, we can expect further accomodative easing by the Bank of Canada and likely continued strength in Ottawa's housing market.
Top 1% Commission Agents in
Ottawa Commission Structure
Real estate commissions are the fees that home sellers pay to the seller and buyer real estate agents for their services. In Ottawa, the total commission rate is set anywhere from 3.5% to 5%. Seller agents usually get 1% to 2.5% of the total commission with the buyer agents getting 2.5%. You can use our calculator provided below to calculate your real estate commission estimate for Ottawa. For other cities in Ontario, please visit our Ontario real estate commission calculator page for more information.
Ottawa Real Estate Tools for Buyers and Sellers
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