🚨 November 2022 Ottawa Housing Stats Are In! 🚨

“November’s sales were expectedly low given the typical slowdown this time of year but they also reflect today's economic conditions". “This is not isolated to our local market. Globally, we’re still adjusting to the post-pandemic world and that affects demand, pricing, interest rates, cost of living, supply chain disruptions and more. As a result, those who can, are waiting and watching.”


➡️ 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.

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