What January’s Statistics Can Tell Us About the 2021 Real Estate Market

The Ottawa Real Estate Board (OREB) just released the key real estate statistics for January 2021. Even with so much uncertainty around the Canadian economy, one thing has stayed constant: the strength of the Ottawa real estate market. Here are three key findings from OREB’s news release:

1. Home prices remain on the rise. This has been a steady trend in the Ottawa market, even during COVID lockdowns.The average sale price for an Ottawa property was $587,892 last month—which includes an average of $677,191 for residential listings and $380,336 for condo listings—an increase of 26.4% over January 2020. There is no sign that this is slowing down anytime soon.
2. Inventory has dropped significantly from last year. One of the reason’s prices have been skyrocketing is low listing inventory. At the end of January, there were 954 listings, which is a sharp 42.9% decrease from January 2020. With fewer homes on the market, competition for listings has really heated up.
3. It’s a seller’s market, and it will likely stay that way. More competition is bad news for buyers, but great news for homeowners considering selling. The basic economic principle of “high demand and low supply” has led to record sales in many neighbourhoods. With low-interest rates expected to remain in place for the foreseeable future, it is a great time to be a seller.

While no one can predict the future, especially in times like these, the Ottawa market appears headed for another record year. Are you looking for advice on what this means for the value of your home? We would be happy to provide you with a complimentary market evaluation.