The COVID-19 pandemic didn't slow down Ottawa's real estate market in 2020, with a record $10 billion worth of properties sold in the capital.
A total of 18,971 residential and condo units were sold in Ottawa in 2020, compared with 18,613 in 2019. The Ottawa Real Estate Board says the average sale prices of both homes and condominiums increased 20 per cent and 19 per cent over 2019 respectively.
"When analyzing the year-end figures, what clearly stood out what that although the number of units sold was only slighter higher than last year, the total sales volume topped a record-breaking $10 billion compared to $8.2 billion at the end of 2019," said Debra Wright, President of the Ottawa Real Estate Board.
"This is, in effect, a stark illustration of the increase in Ottawa property values over the course of the year. For example, in 2019, 35 per cent of properties purchased were sold at or below $400,000, while in 2020, only 16 per cent of homes were."
The average sale price for a residential-class property in 2020 in Ottawa was $582, 267, while the average condo unit sold for $361,337.
"At the end of 2020, average prices increased by 19-20 per cent over this time last year. In 2019, we saw a nine per cent overall increase for both residential and condo properties compared to 3-5 per cent in 2018 and 3-7 per cent in 2017," said Wright.
The Ottawa Real Estate Board says the increase in property prices can be attributed to several factors, including inventory shortage, multiple-offer phenomena and record low mortgage rates.
A told of 1,002 residential properties were sold in December through the Ottawa Real Estate Board's Multiple Listing Service System, compared with 757 in December, 2019.
The average price for a condominium-class property in December was $355,982, while the average sale price of a residential-class property was $603,880, an increase of 20.6 per cent from December 2019.