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What’s happening with Ottawa Home Prices
These charts provide an interesting view of the rise in prices in Ottawa over the past three years. I created them with MLS sales data from the Ottawa Real Estate Board, including urban, suburban, and rural neighbourhoods.
Both charts show the number of sales in each price band (range) in each year for 2019, 2020, and 2021.
The condo chart shows the clearest example of how the prices are shifting upwards. In 2021 there were only 17 condo sales for less than $150,000, whereas there were 107 in 2019. And there were 53 sales of condos for more than $1,000,000 in 2021, compared to just over 20 in both 2020 and 2019.
Freehold properties also show a significant shift to higher prices. Relatively few homes sold for less than $500,000 in 2021, whereas more than half of the homes sold for that in 2019.
There were also about 9% more homes sold in both categories in 2021 than in 2019.
It’s impossible to predict exactly what house prices will do in 2022, especially with the pandemic still ongoing. However, based on past trends, we expect house prices to continue to rise strongly. Perhaps a bit slower than they have been, but there are still too few homes for the number of buyers. And buyers are still looking for more space as we continue to see lockdowns and restrictions on restaurants, shopping, and entertainment.
As always, please note that this is for the entire Ottawa Real Estate Board, and should therefore not be taken as an indication of the change in value of your particular property. We’re happy to give you an evaluation of your home any time – just give us a call at 613-601-6404 or send us an email at info@ericmanherz.com
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The condo chart shows the clearest example of how the prices are shifting upwards. In 2021 there were only 17 condo sales for less than $150,000, whereas there were 107 in 2019. And there were 53 sales of condos for more than $1,000,000 in 2021, compared to just over 20 in both 2020 and 2019.