Ottawa Real Estate Update | May 2022 Edition
Last Month in Review
Last month in April 2022 members of the Ottawa Real Estate Board sold 1,889 residential properties a decrease of 21.1% compared to April 2021.
We had 2,846 new properties listed for sale in April which is a decrease of 11.1% compared to April 2021, leaving the total number of residential properties for sale at 1,697 an increase of 6.5% from the end of April 2021.
It took an average of 12 days for properties of all types to sell in April, which is one day longer than April 2021
We currently have 0.9 Month Of Inventory on the market and a new listing sales rate of 66.4%. We are still in a seller's market in Ottawa. and 2 days shorter than March 2022.
Of these 1,889 sales 1,419 were freehold houses, and 470 were condominiums.
The average sales price for a freehold house sold in April 2022, was $829,318 showing an increase of 11.6% over April 2021. While condominium average prices rose 11.0% from last year to $473,702.
2021 in Review
During 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