Ottawa Real Estate Update | November 2022 Edition
Last Month in Review
Last month in October 2022 members of the Ottawa Real Estate Board sold 987 residential properties a decrease of 40.9% compared to October 2021. Year to date 13,857 homes & condos have sold, 22.9% less than the Jan-Oct of 2021
We had 2,047 new properties listed for sale in October leaving the total number of residential properties for sale at 3,219 an increase of 80.9% from the end of October 2021.
We currently have 3.3 Month Of Inventory on the market and a new listing sales rate of 48.2%. This is a balanced market condition.
It took an average of 43 days for properties of all types to sell in October, which is 17 days longer than October 2021 and 2 days longer than last month.
Of these 987 sales, 758 were freehold houses, and 229 were condominiums.
The average sales price for a freehold house sold in October 2022, was $677,873 showing a decrease of 5.4% over October 2021. While condominium average prices rose 9.3% from last year to $445,691.
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.
