The Ottawa Real Estate Board reported 987 sales of residential properties in October through the MLS system, compared with 1,670 in October 2021, a decrease of 41 percent.
The average sale price for a residential-class property was $677,873, decreasing 5 percent from October 2021.
The average sale price for a condominium-class property in October was $456,470 an increase of 9 percent from October 2021.
With year-to-date average sale prices at $780,390 for residential units and $456,470 for condominiums, these values represent an 8% increase over 2021 for residential-class properties and a 9% increase for condominium-class properties.
October’s new listings (2,047) were 4% higher than 2021 (1,960) and down 14% from September 2022 (2,371). The 5-year average for new listings in October is 1,971.
“Buyers and Sellers need to carefully analyze their own unique circumstances. No one can predict with absolute certainty what will happen next year, but in the highly employed and stable Ottawa market, real estate has been and continues to be a good investment over time,” says Torontow. “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.”
