A new ‘normal’ glimpsed in Ottawa real estate

Unit sales of residential properties plummeted nearly 25 per cent year over year in both urban and rural areas, contributing to a sizeable increase in available listings and more moderate price hikes.

The average price for an Ottawa residential property resold in April was $895,000, up 12 per cent compared to a year earlier.

A sales representative with Hamre Real Estate Team, a RE/MAX Affiliates Realty firm, Hamre sold 27 properties during the first four months this year.

Yet, Hamre adds, there’s also hope for first-time buyers.

While that was up from 1.39 per cent early last year, it compared with 3.19 per cent in the pre-pandemic year of 2019, when rates were considered inexpensive.

Consider what’s involved in buying a condominium now for $500,000 — slightly above the average for Ottawa last month.

That was not true of the Ottawa Valley, where — despite the rapid price gains during the past two years — plenty of properties could be found for less than $600,000.

in both the Valley and City, rural prices were up just 9% vs an ave gain of 12% in urban areas — a reversal of pandemic patterns.

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