Record-breaking Year for Ottawa Real Estate

Ottawa’s real estate market set new price and sales records in 2021 despite a December slowdown.

A record 20,302 residential and condo units were sold last year in Ottawa, the Ottawa Real Estate Board said Thursday. That’s up seven per cent from 2020.

The average residential sale price in Ottawa in 2021 was more than $719,000, a 24 per cent increase from 2020. Condos went for an average of more than $419,000, a 16 per cent increase.

“I have never seen it like this,” Ottawa Real Estate Board president Penny Torontow said. “Typically in Ottawa, historically, the market goes up three per cent, a real increase would have been 5 per cent. We’ve never seen increases accelerating like this in such a short span.”

The new records were set despite a slower December, which saw 14 per cent fewer home sales than December 2020.

To read the full article by Michael Woods, visit the CTV News Web site.