The change in the condo market from 2021 to 2022 is a nuanced one. We started the year with an exceptionally fast paced market, and ended with a more slow, balanced one. Mitch MacKenzie has taken the time to pull statistics from the past two years in the Ottawa condo market to give us a better understanding of how trends are looking into 2023.
Here is the area of Ottawa we are working with for these statistics.
In 2021, there were 983 condo sales in the city limits. In 2022, we saw a drop of only 6 units, for a total of 977 condo sales throughout the year.
The average price of condos in the city actually rose considerably, up $23,465 from 2021. The median price rose even higher, $28,500 more than 2021.
Below is a breakdown of the prices we saw in studio, 1 bed, and 2 bedroom condos within the city limits this year and last, to show where the increases are most prevalent, and which months we saw large increases.
So now, let’s look into the two halves of the year. As mentioned earlier, 2022 was categorized by two distinct half-years with very different market conditions.
In the first half of the year, there were twice as many houses sold as there were in the second!
It does seem like the market is slowing down considerably, but for the time being, demand is still high! Mitch breaks down what a buyer’s and seller’s market means - and due to our inventory being 1.86 months as of the start of 2023, we’re still in a seller’s market! This means there are considerably more buyers at the moment than there are sellers.
Now, let’s take a look at the days on market for each quarter of the past two years. We’re seeing that the 2021 average was actually higher every quarter, except for the fourth quarter, where the days on market averaged out the same.
Mitch explains that although lending has been tightening over the last year, this has actually impacted the residential market a lot more than the condo market, as more residential buyers have been forced down to condos and less condo buyers can move up into residential.
Mitch has some property suggestions for buyers, take a look at the links below!
Detached homes in the mid 500s
Townhomes in the high 400s, many of which were priced at well over 500k in the past few years.
Mitch MacKenzie
New Purveyors’ resident condo expert.
mitch@newpurveyors.com
