Milborne Mentionables 01/28/21

Thu Jan 28

The December OREB stats are in! ⁣

OREB reported 1,002 residential properties in December through the Board’s Multiple Listing Service System. This is 32.4 per cent increase compared to the 757 sales in December 2019. December’s sales included 292 in the condominium property class, an increase of 29.2 per cent from December 2019.⁣

December’s average sale price for a condominium-class property was $355,982, an increase of 14.4 per cent from this time last year. ⁣

“When analyzing the year-end figures, what clearly stood out was the although the number of units sold was only slightly higher than last year, the Total Sales Volume topped a record-breaking $10 billion compared to &8.2 billion at the end of 2019,” states Ottawa Real Estate Board’s 2021 President Debra Wright.⁣

At the end of 2020, average prices increased by 19-20% over this time last year. ⁣

Derek Nzeribe, Milborne Director, Ottawa shares his thoughts: “Ottawa displayed a resilient real estate market throughout the pandemic shattering expectations. 2020 prolonged the shortage of new housing product reaching the marketplace. As inventory remained very low and builders raced to get under construction product off the assembly line, demand increased significantly mainly driven by low mortgage rates and a local employment market that remained relatively stable throughout the pandemic. This is what lead to an almost 20% year over year increase in pricing with a record $10.4 billion in sales volume.” ⁣

We invite you to stay tuned as we prepare to launch some exciting new projects in Ottawa this year! Stay tuned for updates.