Ottawa Condo Market Statistics - March 2024

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for March 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In March 2024, the Ottawa Real Estate Board recorded 1,165 homes sold via the MLS® System, marking a 10% increase over March 2023.

Home sales for the month were 21.5% below the five-year average and 15% below the 10-year average.

Year-to-date, home sales reached 2,678 units for the first three months of 2024, a 13.1% surge compared to the same period in 2023.

OREB President Curtis Fillier notes, "Ottawa's real estate landscape remains robust, setting the stage for an active spring and summer. Growing numbers of new listings and heightened showing activity indicate seller confidence is on the rise. However, buyers appear more hesitant, likely due to affordability concerns and limited supply."

Fillier observes a shifting dynamic in the market, fueled by post-pandemic adjustments in housing preferences. Some are downsizing or relocating from the outskirts, while others seek properties better suited to their evolving needs, creating pressure on the mid-range market. Fillier advises, "Engage promptly whether buying or selling, as the market dynamics are evolving swiftly."

The MLS® Home Price Index (HPI) provides a more precise gauge of price trends than average or median measures.

The composite benchmark price reached $636,700 in March 2024, up 2.7% from the previous year.

Single-family homes commanded a benchmark price of $719,000, reflecting a 2.6% increase year-over-year.

Townhouse/row units saw a modest uptick, with a benchmark price of $489,800, rising by 0.9% annually.

Benchmark apartment prices surged to $423,200, marking a 4.3% increase from the previous year.

The average home price in March 2024 stood at $682,078, marking a 5.1% increase from March 2023. The year-to-date average price was $659,828, up 3.2% from the first three months of 2023.

Total home sales volume in March 2024 reached $794.6 million, a 15.6% surge compared to the same month in 2023.

OREB emphasizes that while the average sale price provides insight into trends, it shouldn't be relied upon to assess individual property values, as prices vary across neighbourhoods.

March 2024 saw a 13.5% increase in new listings compared to March 2023, totaling 2,074 new residential listings. New listings trailed the five-year average by 2.3% and the 10-year average by 11.1%.

Active residential listings reached 2,543 units by the end of March 2024, marking an 18.3% increase from March 2023. Active listings surpassed the five-year average by 58.6% but fell short of the 10-year average by 17.7%.

With inventory at 2.2 months by the end of March 2024, slightly higher than March 2023's 2 months, but below the long-term average of 2.6 months, indicating a balanced market. Months of inventory represents the time it would take to deplete current inventory at the current sales rate.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - February 2024

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for February 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In February 2024, a total of 886 homes were sold through the MLS® System of the Ottawa Real Estate Board, marking a notable increase of 15.2% compared to the same period last year.

Despite this rise, home sales fell short of the five-year average by 13.8% and the 10-year average by 5.7% for the month of February. OREB President Curtis Fillier noted that while Ottawa's real estate market remains robust with rising metrics, affordability continues to be a concern, leaving many potential buyers and sellers sidelined.

MPAC recently highlighted a significant decrease in communities offering homes under $500,000, dropping from 74% a decade ago to just 19% today across Ontario.

Fillier emphasized the persistent demand for housing in Ottawa, attributing market activity constraints to a shortage of affordable and suitable housing options. OREB is advocating for impactful measures such as permitting four residential units on property lots and eliminating exclusionary zoning to address this issue.

Regarding prices, the MLS® Home Price Index (HPI) revealed that the overall benchmark price in February 2024 was $628,500, marking a 2.8% increase from the previous year. Single-family homes saw a benchmark price increase of 3.1% to $708,500, while townhouses/row units and apartments experienced more modest gains.

The average price of homes sold in February 2024 reached $651,340, up 2% from February 2023, with the total dollar volume of sales amounting to $577 million, a significant rise of 17.5% year-over-year.

OREB cautioned against relying solely on average sale prices to gauge individual property value fluctuations, emphasizing the variability of prices across different neighbourhoods over time.

In terms of inventory and new listings, February 2024 saw a notable 29.5% increase in new residential listings compared to the previous year, totalling 1,539. Active residential listings also rose by 16.3% to 2,158 units, with the months of inventory remaining steady at 2.4, indicating the time it would take to sell current inventories at the current rate of sales activity remained unchanged from February 2023.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly at 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - January 2024

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for January 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In January 2024, the Ottawa Real Estate Board (OREB) reported a total of 629 homes sold via the MLS® System, marking a 16.5% increase from the same period in 2023.

Despite this uptick, home sales were 10.7% below the five-year average and 3.9% below the ten-year average for January, reflecting a relatively subdued market, according to OREB President Curtis Fillier. He noted an increase in showing activity but cautioned that it hasn't fully translated into sales, suggesting that buyers are cautiously exploring options, unlike the pandemic era when swift decisions were often necessary.

OREB's policy and external relations manager, Brandon Reay, highlighted the persistent issue of low housing supply in Ottawa, stressing the need for more affordable housing options and increased density to meet population demands. He advocated for policy changes, including streamlining processes at the Ontario Land Tribunal, eliminating exclusionary zoning, and allowing four units on residential lots.

Regarding pricing trends, the MLS® Home Price Index (HPI) indicated a 3.2% year-over-year increase in the overall benchmark price to $621,600 in January 2024. Single-family homes saw a 3.7% increase to $703,500, while townhouses/row units experienced a 2.1% decrease to $462,200. The benchmark apartment price rose by 3.7% to $418,500.

In terms of average prices, homes sold for an average of $631,722 in January 2024, up 1.8% from the previous year. The total dollar volume of home sales also rose by 18.6% to $397.4 million compared to January 2023.

The number of new residential listings in January 2024 increased by 7.3% compared to the same month in 2023, totaling 1,271 listings. Active residential listings at the end of January 2024 numbered 1,961 units, up 4.5% from January 2023.

Inventory levels saw a slight decrease, with the months of inventory dropping to 3.1 in January 2024 from 3.5 in January 2023. Months of inventory represent the time it would take to sell the current inventory at the current sales rate.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - December 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for December 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In December 2023, the Ottawa Real Estate Board reported a total of 565 homes sold through the MLS® System, marking a 7.6% rise from December 2022.

This figure stood 16% below the five-year average and 11.9% under the 10-year average for December.

For the entire 2023, there were 11,978 home sales, reflecting an 11.0% decrease from 2022.

OREB President Curtis Fillier commented, “Ottawa's housing market concluded 2023 in a poised, balanced position, hinting at a resurgence in consumer confidence. While the full effects of rate stabilization might unfold in the latter half of 2024, the momentum from December suggests a promising year for Ottawa.”

Ken Dekker, OREB's past president, added, “The market's path hasn't been straightforward. Although 2022’s peak might not be immediately revisited, Ottawa’s market seems set to reclaim lost territory. Both buyers and sellers should exercise patience; however, promising opportunities await.”

By the Numbers – Prices:

The MLS® Home Price Index (HPI) offers a more nuanced view of price trends than average or median prices. December 2023 witnessed a 2.7% uptick in the overall MLS® HPI composite benchmark price from the previous year, settling at $623,900.

Specifically:

• Single-family homes: $704,900 (up 2.7% YoY)

• Townhouse/row unit: $481,100 (a 4.2% YoY increase)

• Apartments: $417,200 (a 2.1% YoY rise)

The average home price in December 2023 was $632,487, a 1.7% increment from December 2022. However, the average price for the year was $667,794, marking a 5.5% dip from 2022.

December 2023 recorded home sales worth $357.3 million, a 9.4% surge from December 2022. OREB emphasized that while the average sale price indicates overarching trends, it doesn't reflect specific property value changes.

By the Numbers – Inventory & New Listings:

New residential listings saw a notable drop, declining by 12.4% from December 2022 to 523 listings in December 2023. This figure was 4% shy of the five-year average and 16.1% less than the 10-year average for December.

By the end of December 2023, 1,844 residential listings were active, marking a 3.0% rise from December 2022. These active listings exceeded the five-year average by 55.5% but were 17.2% below the 10-year average.

The inventory measured at 3.3 months by December's end, slightly down from 3.4 months in December 2022. This metric gauges how long it would take to deplete the current inventory at the present sales rate.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - November 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for November 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In November 2023, a total of 724 homes were sold through the MLS® System of the Ottawa Real Estate Board, marking a slight decrease of 1.6% compared to November 2022. Home sales for the month were 31.8% below the five-year average and 27.4% below the 10-year average.

On a year-to-date basis, home sales amounted to 11,421 units after 11 months, indicating a significant decline of 11.7% compared to the same period in 2022.

OREB President Ken Dekker noted that sales are in line with expectations for the colder months. An increase in new and active listings is providing more choices in the market. Although this has slowed the pace of buying and selling, prospective buyers and those looking to upgrade can collaborate with their REALTOR® to carefully explore the market, identify ideal properties, and negotiate attractive deals at their own pace. Sellers, on the other hand, need to manage their expectations regarding the quantity of offers and transaction speed, relying on their REALTOR® for guidance on pricing and preparing their homes for a quality sale.

Turning to prices, the MLS® Home Price Index (HPI) serves as a more accurate measure of price trends than average or median price measures. The overall MLS® HPI composite benchmark price remained nearly unchanged at $628,900 in November 2023, reflecting a modest increase of 1.4% from November 2022. Single-family homes saw a benchmark price of $708,900, up 1.6% year-over-year, while townhouses and apartments had benchmark prices of $492,300 and $424,300, respectively.

The average price of homes sold in November 2023 was $633,138, a decrease of 0.8% from November 2022. The year-to-date average price was $669,536, representing a decline of 5.7% from the same period in 2022. The total dollar value of home sales in November 2023 was $458.4 million, down 2.4% from the same month in 2022.

OREB emphasizes that the average sale price can indicate trends over time but should not be relied upon to assess specific property values. Price variations exist between neighbourhoods.

In terms of inventory and new listings, there was a 2.7% increase in new listings in November 2023, totalling 1,428. This figure was 8.4% above the five-year average and 10.4% above the 10-year average for November. Active residential listings at the end of November numbered 2,752, showing a substantial gain of 15.8% from November 2022. Active listings were 53.9% above the five-year average and 6.7% below the 10-year average for November, reaching a level not seen in over five years.

The months of inventory stood at 3.8 at the end of November 2023, up from 3.2 in November 2022 and surpassing the long-run average of 3.3 months for this time of year. Months of inventory represent the number of months it would take to sell current inventories at the current rate of sales activity.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - October 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for October 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

The Ottawa Real Estate Board totalled for a number of 816 units sold in October 2023. This was 2.7% less than in October 2022.

Home sales were 36.4% under the five-year average, and 30.8% under the 10-year average in the month of October.

Home sales totalled 10,700 units over the first 10 months of the year. This was a huge decline of 12.3 percent from the same period in 2022.

Ken Dekker, the President of OREB, suggests that the increasing cost of living may be causing both buyers and sellers to stay where they are. He notes a gradual decline in sales activity, which is expected for this time of year. Prices are also adjusting, with certain types of homes, such as apartments, experiencing higher sales compared to the previous October. Although Ottawa's inventory is slowly growing, persistent supply issues continue to create a lingering demand. Despite the current slowdown, Ken Dekker emphasizes that it's an opportune moment for buyers to act before the market shifts from a balanced state to one favouring sellers.

By the numbers: 

The MLS Home Price Index (HPI) tracks price trends by using average or median price measures.

• The overall MLS HPI price for October 2023 remained relatively steady at 638,600, with a modest 1.8% increase compared to October 2022.

• The price for single-family homes in September was 721,600, showing a 2.2% year-on-year increase.

• For reference, the average price of a townhouse stood at 501,100, marking a slight 1% rise from the previous year.

• The average price of apartments remained unchanged at 424,100 compared to a year ago.

• In October 2023, the average price of homes sold reached 660,836, reflecting a 2.9% increase from October 2022. Meanwhile, the more comprehensive average price amounted to 671,983, indicating a 5.9% decrease in comparison to the first ten months of 2022.

• The total value of all home sales in October 2023 was 539.2 million, which was identical to the figure for the same month last year.

Inventory and New Listings

• In October 2023, the volume of new property listings increased by 6.6% compared to October 2022, reaching a total of 1,895 new residential listings. These new listings exceeded the five-year average by 2% and the 10-year average by 5.4% for the month of October.

• By the end of October, there were 3,062 active residential listings on the market, marking a significant increase of 16.7% since October 2022. This level of active listings in October hasn't been seen in over five years. Active listings were 43.8% above the five-year average and 10.9% below the 10-year average for the month of October.

• At the close of October 2023, there were 3.8 months of inventory, a slight increase from the 3.1 months recorded in October 2022. The months of inventory represent the estimated time it would take to sell the current inventory at the present rate of sales activity.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - September 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for September 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In September 2023, the Ottawa Real Estate Board (OREB) reported a total of 946 homes sold through the MLS® System, marking no change from the same month in 2022.

The sales figures for September were notably 29.6% below the five-year average and 23.6% below the 10-year average. Looking at the year-to-date perspective, home sales amounted to 9,889 units over the first nine months, indicating a significant 13% decrease compared to the same period in 2022.

OREB President Ken Dekker commented, "Sales activity remains consistent with last year but falls below the usual levels for September. A surge in new listings over the past few months has led to a gradual increase in overall inventories. Despite this, the available supply remains historically low, with room for absorbing additional listings. Our market is currently in a balanced state, and while MLS® Benchmark prices have decreased from last year, they are trending at levels similar to 2021."

Turning our attention to pricing trends, the MLS® Home Price Index (HPI) is highlighted as a more accurate measure compared to average or median price calculations. In September 2023, the overall MLS® HPI composite benchmark price stood at $643,600, showing a marginal increase of 0.5% from the same month in 2022. The benchmark prices for single-family homes and townhouse/row units saw slight changes, while the benchmark apartment price experienced a modest decline.

The average price of homes sold in September 2023 was $675,412, reflecting a 2.7% increase from September 2022. However, the year-to-date average price of $672,837 indicated a decline of 6.5% from the first nine months of 2022.

The total dollar value of home sales in September 2023 reached $638.9 million, a modest 2.7% increase from the same month in 2022. OREB emphasizes that while the average sale price is useful for establishing trends, it should not be considered an indicator of specific property value changes, as prices vary by neighborhood.

Looking at new listings, there was a 9.8% increase from September 2022, with 2,259 new residential listings in September 2023. Active residential listings at the end of September 2023 totaled 2,997 units, marking a substantial 14% increase from the end of September 2022 and reaching a five-year high for the month of September.

The months of inventory, indicating the time it would take to sell current inventories at the current sales rate, numbered 3.2 at the end of September 2023. While this was an increase from the 2.8 months recorded in September 2022, it remained below the long-run average of 3.3 months for this time of year.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - August 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for August 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In the month of August, OREB members sold 1196 residential properties - up 6% over last year. This is broken down into 903 freeholds (up 7% from the same period last year) and 293 condos (up 2% from the same period last year). However, these numbers are lower than the five-year average for August. 

OREB President Ken Dekker explains that sales in August hve increased year over year but still remain below historical averages. This can be attributed to strong demand entering the market through our growing population, contrasted by the lack of suitable or affordable housing options and high borrowing costs.

Key figures include:

Average Prices:

• The average sale price for freehold-class properties in August was $709,739, a 0.5% increase from 2022 but a 5.6% decrease compared to July 2023.

• Condominium-class properties had an average sale price of $425,968, a 1% increase from the previous year but 1.4% lower than July 2023.

Year-to-date average sale prices are $732,220 for freeholds (an 8% decrease from 2022) and $432,571 for condos (a 5.5% decrease from 2022).

Inventory & New Listings:

• August's new listings totalled 2,228, a 7% increase from August 2022, and were on par with the previous month (2,234). The 5-year average for new listings in August is 2,177.

• Months of Inventory for freehold-class properties increased to 3 months from 2.9 months in August 2022 and 2.7 months in July 2023.

• Months of Inventory for condominium-class properties remained similar to August 2022 at 2.2 months, slightly decreasing from 2.3 months in July 2023.

• Days on market (DOM) for freeholds increased to 31 days from 25 days in August 2022 and 26 days in July 2023.

• DOM for condos increased to 29 days from 28 days in August 2022 and 28 days in July 2023.

Additionally, OREB Members have played a crucial role in assisting clients with rentals, facilitating the renting of 4,571 properties since the beginning of the year, marking a 10% increase compared to the same period last year when 4,172 properties were rented.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - July 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for July 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In July, the Ottawa Real Estate Board (OREB) had an impressive month, with its members selling 1,263 residential properties through the Multiple Listing Service® (MLS®) System. This represents a significant 15% increase compared to the same month last year (2022), when 1,102 properties were sold.

Breaking down the sales, the freehold-property class saw a substantial jump, with 979 houses sold, marking an impressive 18% increase from the same period a year ago. Additionally, the condominium-property category also showed healthy growth, with 284 units sold, reflecting a 6% increase from July 2022.

Notably, both freehold and condominium properties had higher average prices. The average sale price for a freehold-class property in July was $754,188, which is 5% higher than prices seen in 2022, and there was a modest 1% increase compared to June 2023. The average sale price for a condominium-class property reached $435,094, indicating a 2% rise compared to the same period last year, though it was 3% lower than prices recorded in June 2023.

Despite the two recent quarter-percent interest rate hikes by the Bank of Canada, Ottawa's real estate market remains resilient, and consumers show confidence in its stability and growth potential.

July's figures, both in sales and average prices, are positive indicators that gradually close the gap from the peak pandemic market activity observed in early 2022. Furthermore, inventory levels continue to increase, with new listings added to the housing stock, providing more choices for prospective homebuyers.

While the market currently favours sellers, it's important to maintain a realistic perspective. Not every property will attract multiple offers or sell quickly. A property's price is ultimately determined by the willingness of buyers to pay, and working with a professional licensed REALTOR® becomes crucial in navigating this dynamic market landscape.

Looking ahead, there are promising signs for continued growth in the real estate sector. The second half of the year is likely to yield solid year-over-year results, given the positive indicators observed in July.

On the rental side, OREB members have been actively assisting clients, facilitating the renting of 3,921 properties since the beginning of the year. This figure marks an 11% increase from the same period last year (2022), showing continued demand for rental properties in the region.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - June 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for June 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In June, Ottawa Real Estate Board (OREB) members sold 1,658 residential properties through the Board's MLS® System, marking an 11% increase from June 2022’s 1,493 sold properties. Within this, 1,234 were freehold, a 10% increase from last year, and 424 condominium properties were sold, a 16% increase from June 2022. The five-year average for total unit sales in June is 1,881.

OREB President Ken Dekker stated that while June's sales exceeded last year's, the number of sales, average prices, and new listings declined on a week-to-week basis throughout the month. The summer decline in activity combined with the Bank of Canada's interest rate adjustment at the beginning of the month may have contributed to this trend.

The average sale price for a freehold property in June was $746,445, showing a 4% decrease from 2022 but remaining consistent with May 2023 prices. The average sale price for a condominium property was $448,380, a 2% increase from the previous year and a 1% increase from May 2023 prices. Year-to-date average sale prices for freehold properties are $731,847, reflecting a 10% decrease from 2022, while average sale prices for condominiums are $432,885, indicating a 7% decrease from the previous year.

Dekker expressed optimism about the increase in inventory, which suggests sellers have confidence in the market. This growing resale housing stock is expected to provide more options for buyers and contribute to increased sales.

In terms of inventory and new listings, June's new listings amounted to 2,758, which is 14% lower than June 2022 and 2% lower than May 2023. The five-year average for new listings in June is 2,802. Months of inventory for freehold properties increased to 2.1 months from 1.9 months in June 2022 and 1.5 months in May 2023. For condominium properties, months of inventory decreased to 1.4 months from 1.6 months in June 2022 but increased compared to 1.3 months in May 2023. The days on market (DOM) for freehold properties remained at 23 days, while for condos, it increased to 27 days from the previous month's 26 days.

Dekker anticipates a strong second half of 2023 in terms of sales volume and prices compared to last year.

OREB Members have also assisted clients in renting properties, with 3,336 rentals facilitated since the beginning of the year, marking a 14% increase from the same period last year when 2,919 rentals were arranged.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - May 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for May 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

Members of the Ottawa Real Estate Board sold 1939 properties in May, an increase of 6% from May of 2022! This includes 1477 freehold properties (up 8%) and 462 condos (up 1%). This is also just below the five-year average for May, which is 1961. 

Ken Dekker, Ottawa Real Estate Board President, explains that May is typically the highest-selling month. He explains that this is the first volume increase in year-over-year sales since February 2022. It shows a lot of promise for sellers who were struggling with finding buyers during the interest rate increases. 

Dekker explains that we are only seeing around 5-6 weeks of inventory, so our market is leaning heavily toward the seller side. 

Average prices are decreasing year-over-year, but staying relatively similar to previous months. Freehold properties saw an average price of $745,902, which is a 7% decrease from last year, but the same as last month. Condominium class properties averaged at $442,859, a 6% decrease from last year but a 2% increase from last month. Year to date, freehold properties have seen a 12% decrease in price compared to 2022, and condominiums a 9% decrease from 2022.

Dekker continues to explain that we are not seeing any steep price escalations, and that May’s prices are still on par with April. With higher demand and low inventory, Dekker believes prices will continue to rise as long as interest rates remain the same or begin to drop. 

May saw 2822 listings, which is down 9% from May 2022’s 3117 new listings, but up from last month’s 2140 new listings. This is also only slightly lower than the 5-year average for May listings, which is 2922. 

Freehold inventory for this month has increased to 1.5 months over 1.2 months in May of 2022 but is down from the 1.9 months available in April. Condominium inventory has increased from 1 month in May 2022 to 1.3 months in May 2023 but is down from 1.9 months last month. Days on market for freeholds has dropped from 27 to 23 days. And for condos, from 33 to 26 over the last month. 

Dekker explains that due to low inventory, multiple offer scenarios are happening more often, and that a well-equipped real estate agent will be able to help buyers and sellers navigate this new market. 

Finally, OREB members helped 2731 clients find rentals in May, up 22% from the 2230 people assisted in May of 2022.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - April 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for April 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In April, the Ottawa Real Estate Board saw 1488 residential properties sold through MLS. This is down 21% from April 2022, where we saw 1876 sales. This month’s sales included 1156 freehold homes (down 18%) and 332 condominium units (down 29%). This month’s total sales is also significantly lower than the 5-year average for April, which is 1739 sales.

Despite historically low numbers, Ken Dekker, President of the Ottawa Real Estate Board, explains that we are still seeing Ottawa’s resale market on an upward trend. We’re seeing numbers closer to what we were seeing during peak pandemic activity in 2022, which is encouraging. However, he also states that new listings are not keeping up to this activity, so inventory is declining quickly, meaning we’re headed back into a seller’s market. 

Average prices in Ottawa have increased over the last few months by 13.9%. In freehold properties, average prices are down 10% year over year, but still up 5% over the previous month. Condominiums are also down year over year by 8%, but are up 4% from last month. 

Dekker explains that pressure on sales prices has continued - average prices have increased each month of this year, and we’re seeing more and more multiple offer situations and less days on market. Low inventory is affecting supply, and the pressure on buyers is coming back.

In April, the city saw 2144 new listings, 25% down from the 2943 in 2022. This is slowly catching up to the 5 year average for new listings in April, which is 2575. Freehold property inventory has increased from April 2022 where it was 0.9 months to 1.9 months, but this is down from March’s 2.3 months of inventory. In condominiums, we also have 1.9 months of inventory, up from 0.8 in APril of 2022 but down from 2.1 months in March of 2023. Days on market is down from 34 to 37 in freeholds and from 39 to 33 for condominiums. 

In the world of rentals, OREB members helped 2152 rental clients find their new home, up 20% from 1786 this time last year. 

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - March 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for March 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In the month of March, Ottawa Real Estate Board members sold 1194 residential properties, compared to 2003 in March of 2022. This includes 893 freehold properties, down 40% from the previous year, and 301 condominium properties, down 42% from the previous year.

This is still a rise in transactions month over month and shows that the market is picking up for the spring.

The average price for freehold properties in March was $710,070, down 17% from March of 2022. However, this is a slight increase from February 2023, showing that the market is beginning to pick up again. Freehold prices have, since December of 2022, climbed around 8%!

Condominiums were selling for an average of $418,670, down 13% from this time last year, but up 2% over last month.

Year to date freehold sale prices are at $701,837 and $414,698 for condominiums.

The recent month-over-month climb in prices in 2023 has illustrated that the market is stabilizing along with interest rates.

Inventory is also increasing. Freehold properties have seen an increase from 0.6 months in March 2022 to 2.3 months in March 2023. Condominiums have sen an increase from 0.6 months to 2.8 months year over year.

Days on market in Ottawa for this month has also decreased - from 37 to 34 for freehold homes and from 43 to 39 for condominiums.

Ken Dekker explains that well priced homes are selling. Real estate agents must have recent statistics to ensure sellers are prepared to position themselves effectively within the market. Buyers can benefit from the same information to negotiate with sellers.

OREB members also assisted with renting 1599 properties this March, increasing 24% from the previous year.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - February 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for February 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In the month of February, Ottawa Real Estate Board members sold 855 residential properties through MLS. This is down 39% from last year’s 1411 sales. This includes 633 freehold-class properties (down 42% year over year), and 222 condominium-class properties (down 31%). This is also down from the five year average for total sales in the month of February, which is 1157.

Average sale prices are still down year over year. Freehold properties are seeing an average price of $708,968 which is a decrease of 15% from February 2022. However, this is an increase of 5% compared to January 2023, which is a promising trend.

Condominium prices averaged $410,927, which is a decrease of 12% from February last year.

Year-to-date averages also show a decrease - of 14% for freeholds and 10% for condominiums.

Ken Dekker, OREB President, explains that “the average price increase” indicates that buyers have gotten used to the current interest rates, which is a sign of hope for the future!

Inventory in the city has increased. Year over year, we’ve seen huge increases in properties on the market in both freehold and condominium-class properties.

Freehold properties increased from 0.7 months of inventory to 2.8 months. Condominium inventory increased from 0.7 months to 2.5 months.

February’s new listings for 2023 were 22% lower than February 2022, but were up 3% from January 2023. Compared to the 5 year average of 1632 new listings, this February we saw 1366.

Days on market decreased from 43 to 37 days for freeholds and 47 to 43 for condominiums compared to last month as well.

A decrease in days on market, says Dekker, paired with fewer new listings coming on the market, is great news for sellers. It’s unclear now if those trends will take us back to a seller’s market from the balanced market we are currently in, but we’ll begin to see in the next few months.

Since the beginning of the year, OREB Members have assisted clients with renting 995 properties compared to 800 last year at this time, an increase of 24%.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - January 2023

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for January 2022 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In the month of January, OREB members sold 606 residential properties. This is down 35% from last January, when we sold 933. This includes 460 residential class properties and 146 condominiums, down 30% and 47% respectively. This is also significantly lower than the 5-year average of 819 sales. 

The new OREB President, Ken Dekker, explains that the slowdown indicates potential home buyers are taking their time. He states he believes they are being cautious during uncertain conditions. 

In terms of prices: Condo properties saw a decrease of 8% for an average of $412,244. Freehold properties saw a decrease of 12% from last January, with an average price of $676,272. However, Dekker explains this isn’t a crashing market, but instead a market that is just balancing out after the extreme prices and low rates during COVID. It is ‘levelling out’. 

It’s also a good sign that prices are actually increasing from December! Up 3% month over month. Condo prices have dropped in comparison, around 5%, but those numbers are actually more volatile due to fewer condos being sold than freehold properties. 

Inventory has also increased! Freehold properties are now up to 3.8 months rather than 0.9 months last January. Condos are also up to 3.8 months of inventory instead of 0.8 last January. New listings this month are sitting at 1324, 16% higher than 1142 in January 2022, and are up 899 from December 2022 when there were only 699 listings. This is also higher than the 5-year average for January, which was 1233. 

Dekker explains that these figures are typical for a balanced market, a sign that buyers aren’t “racing to put in an offer.” New listings and supply illustrate to buyers that they can take time selecting a home and put in the conditions that they want in their offers. 

More people are also turning to real estate agents for help with rentals, up 24% from 410 last year to 509 this year. 

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - December 2022

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for December 2022 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In December, members of the Ottawa Real Estate Board sold 601 properties. This is a 30% decrease from December 2021, where the board sold 857 properties. 466 of these sales were in the residential property class, which is a 22% decrease. 135 of these properties were in the condominium property class, down 48%. 601 sales is also significantly lower than the 5 year average for the month of December, which is 775. 

Year in Review

Sales in 2022 are down in total sales as well as sales volume. In 2022, members of the Ottawa Real Estate board sold a total of 15,288 homes - residential and condo. This is down 25% from total sales in 2021, which were 20,289. In 2022, the total sales volume in our city was around $10.5 billion. In 2021, this number was $13 billion. 

Condominiums in December were selling for an average of $434,973, this is a 9% increase from prices in 2021. Residential properties, however, are down 7% from last year, for an average sale price of $655,839. Year to date, prices are up 7% from last year in residential properties and 8% for condominiums. This is due to the high sales prices we experienced at the beginning of the year averaging out the lower prices later in the year. 

In terms of inventory, Ottawa’s residential class property inventory has increased to 3.7 months of inventory. It was 0.9 months this time last year. In condominiums, inventory is now at 3.9 months instead of 0.9 in December 2021. 

Rentals

The Ottawa Real Estate Board assisted in renting 6,105 properties in 2022, up a considerable amount from the 4,813 properties rented in 2021. 

OREB is bringing in a new president for 2023, Ken Dekker. Ken explains that “December’s performance was in stark contrast to the very active resale market that opened 2022” but notes that “while it’s quieter than the frantic pace we experienced in 2021, it is now a balanced market.” This means there is no reason to panic! Although we are used to a very fast paced market where sellers have the upper hand, we’re seeing a ‘balanced’ market, which means buyers and sellers are experiencing a level playing field for the first time in a while.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - November 2022

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for November 2022 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

In the month of November, Ottawa Real Estate Board members sold 846 residential properties - down 42% from November 2021. 658 of these were residential, down 39%, and 188 were condominiums, down 50%. This is also a significant decrease from the 5-year average of sales in the month of November, which is 1270.

The president of the Ottawa Real Estate Board, Penny Torontow, explains that November’s sales are typically lower as the real estate market comes to a lull during the holiday season. But they also reflect the state of our economy. She explains that many people who can are waiting and watching to see what happens next, as our market is changing so quickly, and similar trends are appearing all over the world.

Prices are also decreasing. The average condominium this November cost $415,533, which is a decrease of 4% from November last year. The same is clear in residential housing, where the average property cost $680,031, a decrease of 5% from November last year.

So far, the year-to-date average for sale prices is $774,422 for residential homes and $454,436 for condominiums, which is still an 8% increase over 2021.

This new market has had a huge impact on first-time home buyers, Torontow explains. The massive decrease in condo sales illustrates that entry-level properties are becoming less attainable to their market. A quickly changing market and increased stress test requirements are forcing first-time buyers to stay on the sidelines in a rental market that is seeing a large uptick in prices as well.

In terms of inventory, we’ve seen a huge increase in residential properties from 0.9 months last year to 3.5 months this year. For condos, this has increased from 1.1 to 3.4 months. There was also a 12% increase in listed properties this month versus November 2021, from 1429 to 1598, but this is a 22% decrease from the 2046 listed in October of 2022. It is higher than the 5 year average for November of 1398 listed properties.

Torontow explains these new numbers illustrate a balanced market that is starting to tip towards the buyers. Sellers should work with an experienced agent who understands how to appropriately price a home and list it at an ideal time.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - October 2022

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for October 2022 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

This month in Ottawa, members of the real estate board sold 987 residential properties. This is down nearly 41% from October’s sales in 2021, which were 1670. Residential properties are down 40%, and condominium properties are down 44%. This is also down a similar percentage from the 5 year average of 1554. 

Penny Torontow, OREB President, explains that after the rush of the pandemic, the market is correcting itself. This, with the added stress of increased interest rates, has changed the market drastically over the past few months. It has caused buyers to be more hesitant and has taken the purchasing power away from plenty of people, especially first time home buyers.

However, Torontow explains that demand is still high. Despite this, with larger inventory than before, buyers are able to take their time and have more options available when they look to purchase a home. Buyers are taking a “wait and see” approach in some instances, making sure they’re monitoring the interest rate situation. 

It is reasonable for sellers to feel concerned about the quickly changing housing situation in Canada. Despite this, Torontow explains that real estate is a long term investment. The growth we saw in our market over the past 2 years was unsustainable. She explains “if you have owned your property for any length of time, your equity has increased significantly and will buffer price corrections. If you buy and sell in the same market, it is all relative.”

In terms of inventory, we are looking at 3.3 months for residential and 3 months for condominiums. That is up significantly from 2021 where we saw 1 month of inventory for residential, and 1.2 months for condominiums. 

Listings this month were actually higher than October 2021. We saw 2047 listings this year versus 1960 last year. This is also higher than the 5 year average of 1971. 

Torontow explains that buyers and sellers should be aware of their own circumstances. It is important not to fall for a one size fits all approach when it comes to the market right now. Torontow says that “real estate has been and continues to be a good investment over time. They don’t have a crystal ball, but mortgage brokers and REALTORS® have the education, expertise, and most importantly, the data - to help people make an informed decision for their specific situation.”

Rentals are also up considerably this year. Last year we saw 4012 rentals in the month of October. In 2022, we saw 5168.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - September 2022

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for September 2022 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

This month, Ottawa real estate agents sold a total of 1080 properties, down 33% compared to September last year. The decrease is higher in residential properties, down 34%, than it is in condos, down 27%. This is also significantly lower than the 5 year average of 1586. 

This is illustrative of buyer’s hesitancy about rising interest rates, OREB’s president Penny Torontow says. The mortgage stress test and inflation in the country has caused a lot of buyers to stop their search for the time being.

However, we’ve seen an increase of new listings that have entered the market! These are now higher than not only last month, but also last year, and the five year average. This means that the market is coming closer into balance. Buyers and sellers can now take the time to weigh their options and see what works best for their situation. 

Inventory in residential properties is up to 3.1 months. It was 1.2 this time last year! For condos, we’re seeing 2.7 months inventory compared to 1.6 last year. New listings are 5% higher than in 2021 and 13% higher than this August. 

We are also seeing prices begin to stabilize month to month, but are still increasing in yearly trends. Average condo prices are up 6% from 2021 to $450,987. Residential properties are up an average of 0.5% at $706,658.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - August 2022

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for August 2022 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.

---

This month, the Ottawa Real Estate Board recorded 1137 residential real estate transactions, down 27% from 1565 in August 2021. This number is made up of 850 residential properties and 287 condominiums, decreases of 27-28% compared to this month last year. These numbers are also down significantly compared to the five-year average of 1600 sales.

The Ottawa Real Estate Board president, Penny Torontow, explains that August is traditionally a slower month in Ottawa for real estate due to summer vacations, school prep, and more. In addition, buyers are unsure about their ability to purchase homes, and at what budget, due to interest rate changes over the past few months.

The state of the market at the beginning of 2022 was unsustainable. As the market begins to slow, we can see the average days on market increasing, coming closer to 30 days. In addition, we’ve seen a return to the typical financing and inspection conditions on buyer contracts that were being skipped in order for buyers to make the most competitive offer. Homes are also seeing less multiple offer scenarios.

Condo prices are still increasing, up 4% from this month last year to an average of $421,966. Residential properties are also up 5% for an average of $707,712. Year-to-date, these numbers are even higher, up 9-10% at an average of $457,771 for condominiums and $795,978 for residential homes.

2,093 properties were listed this month, increasing our inventory to nearly 3 months for residential homes and 2.2 months for condominiums.

Torontow explains that prices are still high and rising, although the percent by which they are rising is getting smaller, down to the single-digit percentages now. We are moving towards a more balanced market, which means that buyers will have more choice and sellers will have to be more mindful about how they choose to price their properties.

Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.

Want to chat about your options? Fill out the form at the bottom of the page, or text/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.