A Tale of Two May Lockdowns
Members of the Ottawa Real Estate Board sold 2,296 residential properties in May through the Board’s Multiple Listing Service® System, compared with 1,342 in May 2020, an increase of 71 per cent. May’s sales included 1,779 in the residential-property class, up 67 per cent from a year ago, and 517 in the condominium-property category, an increase of 85 per cent from May 2020. The five-year average for total unit sales in May is 2,123.
“Although Ontario was in a lockdown in both May 2020 and May 2021, the impact they had on Ottawa’s resale market was quite different – with this year’s number of transactions being well over the five-year average. Undoubtedly, enhanced safety measures and vaccine adoption rates have enabled potential Buyers and Sellers to feel more protected and comfortable in their home buying and selling process,” states Ottawa Real Estate Board President, Debra Wright.
“Additionally, twice the number of new listings entered the market in May 2021, compared to last year at this time, with 2,386 residential properties and 727 condos added to inventory. This is approximately 50 units more than the five-year average for new listings,” she adds.
May’s average sale price for a condominium-class property was $424,843, an increase of 24 per cent from last year, while the average sale price for a residential-class property was $741,206, an increase of 35 per cent from a year ago. With year-to-date average sale prices at $736,241 for residential and $420,074 for condominiums, these values represent a 35 per cent and 21 percent increase over 2020, respectively.*
Pilon Real Estate Group Featured Listings: Click here!
We Keep You Covered When You Buy a Home With Our 12 Month Buyer Protection Plan!
Details at: www.HomeBuyerProtectionPlan.ca
Free Home Search With Proprietary MLS Access – New Listings – Faster Updates And More Accurate Data!
Find Homes Now: www.FindOttawaHomesForSale.com
Find Out How We Get Our Sellers More: Click here!
RE/MAX Hallmark Pilon Group Realty
www.PilonGroup.com
Email: Info@PilonGroup.com
Direct: 613.909.8100
