Ottawa Real Estate Update | September 2022 Edition
Last Month in Review
Last month in August 2022 members of the Ottawa Real Estate Board sold 1,137 residential properties a decrease of 27.3% compared to August 2021. Year to date 11,817 homes & condos have sold, 19.6% less than the Jan-Aug of 2021
We had 2,093 new properties listed for sale in July leaving the total number of residential properties for sale at 3,073 an increase of 452.5% from the end of August 2021.
We currently have 2.7 Month Of Inventory on the market and a new listing sales rate of 54.3%. A continued move back to a balance real estate market in Ottawa.
It took an average of 36 days for properties of all types to sell in August, which is 12 days longer than August 2021 and last month.
Of these 1,137 sales, 850 were freehold houses, and 287 were condominiums.
The average sales price for a freehold house sold in August 2022, was $707,712 showing an increase of 5.0% over August 2021. While condominium average prices rose 3.7% from last year to $421,966.
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.
