Ottawa Real Estate Update | January 2022 Edition
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.
Last Month: December 2021 in Review
Last month in December 2021 members of the Ottawa Real Estate Board sold 862 residential properties a decrease of 13.5%* compared to 997 in December 2020.
*As 2020 was a pandemic year and saw a majority of sales move towards the latter half of the year this is not a good indicator of a trend.
We had 600 new properties listed for sale in December which is a 19.5% decrease compared to December 2020, leaving the total number of residential properties for sale at 806 a decrease of 16.1% from the end of 2020.
We currently have 0.9 Month Of Inventory on the market and a new listing sales rate of 144%, a strong seller's market in Ottawa.
It took an average of 32 days for properties of all types to sell in December which is 1 day shorter than the average in December 2020 and 5 days longer than October 2021.
Of these 862 sales, 601 were freehold houses, and 261 were condominiums.
The average sales price for a freehold house sold in December 2021, was $709,980 showing an increase of 17.6% over December 2020. While condominium average prices rose 12.0% from last year to $399,125.