Ottawa Real Estate Update | August 2022 Edition
Last Month in Review
Last month in July 2022 members of the Ottawa Real Estate Board sold 1,110 residential properties a decrease of 35.4% compared to July 2021. Year to date 10,690 homes & condos have sold, 18.7% less than the Jan-Jul of 2021
We had 2,338 new properties listed for sale in July leaving the total number of residential properties for sale at 3,126 an increase of 44.9% from the end of July 2021.
We currently have 2.8 Month Of Inventory on the market and a new listing sales rate of 47.5%. A strong move back to a balance real estate market in Ottawa.
It took an average of 26 days for properties of all types to sell in July, which is 6 days longer than July 2021 and last month.
Of these 1,5110 sales 840 were freehold houses, and 270 were condominiums.
The average sales price for a freehold house sold in July 2022, was $716,354 showing an increase of 4.5% over July 2021. While condominium average prices rose 1.4% from last year to $425,694.
2021 in Review
In 2021, there were 20,302 sales by the Ottawa Real Estate Board members.
Compared to 18,953 in 2020, an increase of 7.1%.
It took an average of 20 days for properties of all types to sell in 2021 which is a decrease of 28.5% from 2020 which had an average of 28 days
Of these 20,302 sales, 15,318 (+6.1% from 2020) were freehold houses, and 4,984 (+10.4% from 2020) were condominiums.
The average sales price for a freehold house sold in 2021, was $719,605 showing an increase of 23.6% over 2020, while condominium average prices rose 16.1% from last year to $419,683.
and for comparison;
The average sales price for a freehold house sold in 2020, was $582,267 showing an increase of 19.7% over 2019's $486,475, while condominium average prices rose 18.8% from last year's $304,222 to $361,337.
At the beginning of 2022 the total number of residential properties for sale was 806 a decrease of 16.1% from just a year ago, and following a trend of declining inventory 55.0% lower than 2019, 70.0% lower than 2018, and 77.5% lower than 2017.
