Real Estate Market Update in Ottawa during COVID-19

In the month of April, the Ottawa real estate market experienced the anticipated decrease in the number of units sold during the pandemic. April 2020 saw a 55 per cent decrease in the number of sales on MLS compared with April 2019. Ottawa fared much better than the Ontario provincial capital that witnessed a decline of 67 per cent in the number of sales in April.

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April’s sales included 700 in the residential-property class, down 56 per cent from a year ago, and 213 in the condominium-property category, a decrease of 51 per cent from April 2019. The five-year average for April unit sales is 1,692. 

Remarkably, despite the pandemic, nearly 1000 properties exchanged hands in Ottawa. Also notable is the fact that the drop in the number of sales had little impact on the average sale price. The average sale price rose more than 6 per cent in both the residential and condo sectors. Even more noteworthy during this time is that multiple offers were received on properties from 20 per cent to 40 per cent of the time. Prior to the pandemic lockdown that started in mid-March 2020 multiple offers were received nearly 60 per cent of the time. A reminder that Ottawa has weathered many crises over the decades. The economic fundamentals here are much stronger than in most Canadian cities.  CHart_april_2020_vs_2019.JPG

In the press release of May 5, 2020 the Ottawa Real Estate Board added “There is still a holdover of pent-up demand in our marketplace. We believe that when the market opens up again, although it won’t be business as usual, sales will rebound and make up for the decline the Spring market has experienced”.

We will continue to track the Ottawa Real Estate Market and assess what this means for Ottawa Buyers and Sellers

The Morris Home Team has been diligent in tracking daily the local MLS real estate activity since the State of Emergency came into effect in mid March, including daily sales, new listings, average sale prices and the average sale to list price ratios, all in an effort to show how the pandemic is affecting the Ottawa real estate market.

 

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Adapting to the New Normal

The real estate industry and Royal LePage Performance Realty have invoked specific protocols for its members to follow. The health and safety of our clients, staff and colleagues remain our greatest priority. As we continue to adapt to this new normal, we continue to improve the necessary precautions and preventive measures to provide a safe environment for everyone. During this time we continue to offer the highest level of service, communication, professional integrity and our reliable experience that define the Morris Home Team.

If you have any questions, comments or suggestions, please contact us. All discussions and communication will be confidential. We are always available to discuss your real estate needs by phone, email, video conference or even by physical distancing!

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