While the number of properties changing hands in Ottawa dropped dramatically in May amid the novel coronavirus pandemic, the average sale price of a home in the nation’s capital continues to climb.
The Ottawa Real Estate Board (OREB) said Wednesday that its members sold 1,345 residential properties last month, a decrease of 44 per cent from May 2019. Both condo and residential-class property sales were down more than 40 per cent year over year.
Deborah Burgoyne, president of the OREB, said in a statement that unit sales in May were more typical of activity in the fall months.
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Given the gradual reopening of Ontario’s economy, she said the local real estate organization has “cautious optimism” that pent-up demand from before the pandemic will resurge in autumn.
“We can hope that there is a ‘flip-flop’ and our fall numbers are closer to spring figures,” Burgoyne said.
Those who are buying homes in Ottawa continue to pay more, however.
The average sale price of a condo in Ottawa was $343,589 in May, up 15.5 per cent from the same time last year. Residential-class properties sold at an average of $548,140 last month, an increase of 11.2 per cent year over year.
Burgoyne said that Ottawa’s relatively stable employment, bolstered by the federal government and the local tech sector, and a continuous influx of newcomers make real estate in the nation’s capital a “solid investment,” even during a pandemic.
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