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.
It took an average of 43 days for properties of all types to sell in
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.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.