➡️ The Ottawa Real Estate Board reported 846 sales of residential properties in November through the MLS system, compared with 1,456 in November 2021, a decrease of 42 percent.
➡️ The average sale price for a residential-class property was $680,031, decreasing 5 percent from November 2021.
➡️ The average sale price for a condominium-class property in November was $415,533 a decrease of 4 percent from November 2021.
➡️ With year-to-date average sale prices at $774,422 for residential units and $454,436 for condominiums, these values represent an 8% increase over 2021 for residential-class properties and a 8% increase for both property classes.
➡️ November’s new listings (1,598) were 12% higher than 2021 (1,429) and down 22% from October 2022 (2,046). The 5-year average for new listings in October is 1,398.
“What’s concerning about the current market is the impact on first-time homebuyers,” says Torontow. “The marked decrease in condo sales, for example, signals that even entry-level properties are being affected. Fluctuating markets, paired with the stress test, are keeping first-time buyers on the sidelines in a tight rental market—with MLS® rentals increasing 27% this year over last.”
“With nearly four months of inventory and an average 30 days on market, Ottawa now has a balanced resale market, slightly tipping toward the buyers,” says Torontow.
