Normally on the first of each month, we would publish the data for our five top areas in downtown Ottawa. However, this month we felt like that data was already out of date and did not provide an accurate picture of what we are seeing in the trenches. We wanted to take a moment and provide a clearer picture of how the COVID-19 pandemic is impacting the Ottawa Real Estate Market, along with the Ottawa Condo Market. Bookmark or save this page as we will update this information daily.
Data Last Updated: May 8th 2020 10:44 AM
The charts below provide a picture of the impact that COVID-19 has - specifically on sales for residential homes and condos. Sold date refers to the date it was marked sold (not conditional, once the properties deal is sold firm). We are also including the number of COVID-19 cases in Ontario and Ottawa/Gatineau to compare vs sold activity.
Year over year, we are down….
In the first week of April (1st-7th):
- 194 residential freehold homes were sold in 2020 versus 415 in the same week of 2019. This is a difference of -53%
- 53 condominium properties were sold in 2020 versus 98 in the same week of 2019. This is a difference of -46%
- 450 residential freehold homes were listed in 2020 versus 906 in the same week of 2019. This is a difference of -50%
- 50 condominium apartment properties were listed in 2020 versus 79 in the same week of 2019. This is a difference of -37%
In the second week of April (8-14th):
- 168 residential freehold homes were sold in 2020 versus 455 in the same week of 2019. This is a difference of -63%
- 41 condominium apartment properties were sold in 2020 versus 107 in the same week of 2019. This is a difference of -62%
In the third week of April (15-21th):
- 225 residential freehold homes were sold in 2020 versus 477 in the same week of 2019. This is a difference of -53%
- 60 condominium apartment properties were sold in 2020 versus 117 in the same week of 2019. This is a difference of -49%
In the fourth week of April (April 22-28th)
- 213 residential freehold homes were sold in 2020 versus 461 in the same week of 2019. This is a difference of -54%
- 42 condominium apartment properties were sold in 2020 versus 95 in the same week of 2019. This is a difference of -49%
In the first week of May ( April 29-May 5th)
- 266 residential freehold homes were sold in 2020 versus 584 in the same week of 2019. This is a difference of -54%
- 47 condominium apartment properties were sold in 2020 versus 106 in the same week of 2019. This is a difference of -56%
What is the Ottawa Real Estate market currently like?
The start of 2020: Let’s remember that up until the Coronavirus arrived in Ottawa, we were experiencing one of our hottest markets that we have seen in many years. Properties selling for $100-150,000 over asking (and even more), firm, without conditions. In the condo market, almost every property was setting an offer date, and getting multiple offers or selling above ask.
Flash forward to today: We are seeing a sweeping negative impact to the market mainly based on uncertainty. Condo and loft searches have been put on hold and listing dates are being rescheduled. Unless clients need to buy or sell right now, we are suggesting to wait it out. This is the same advice given to us by public health officials, brokerage, and governing bodies. Our go-to resources such as photographer, videographer, inspectors, appraisers, etc. have either been elected as non-essential by the provincial government or have decided to stop working for their own health. There are a few that are still available to work, or we have been getting creative with buying and selling in this new world.
Keep in mind that we are not able to force a showing on tenanted properties. Unless the tenants are comfortable with someone coming into their home (even just the real estate agent), we cannot force showings or even get the opportunity for marketing materials (photos, visual tours, videos) of the interior. When you consider that a high number of condominiums are typically tenanted, this really impacts the condo market. We also have a high number of vacant condominiums.
We asked Aly Ball what she is seeing in the market - “Pretty much everyone that I have current contracts with or are actively reaching out to us are of the same opinion, wait it out. This whole mess has created a time of uncertainty for employment and financing and buyers are feeling it. “
While we are still listing and selling, it is certainly not business as usual. We feel like the safest thing that we can do for our clients and community, is to stay home. We do not believe that an in-person showing of a rental or a listing is conducive to anything beneficial. The best thing we can do is to work from home. Do virtual showings. We have had success with clients and sellers doing Facetime showings directly in order to show properties.
We will be adding more thoughts and takeaways to this page…
When discussing condominiums for this graph we are only using apartment-style condos (think high-rise - NOT row or townhome etc.).
