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 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.
April was an unexpected month for the real estate market in Ottawa. We saw more days on market for about half of the neighbourhoods we survey, higher list to sold prices, and more properties sold this year everywhere except for the Byward Market. Average selling prices were up considerably in every area.
This month, the Ottawa Real Estate Board sold a total of 1889 properties. This is down 21% from this month last year, which was 2394. It is, however, still higher than the five-year average of 1849, although just slightly!
Penny Torontow explains that things like the rising interest rates, growing buyer frustration, and cooler temperatures this month may have had something to do with the lower sales despite a good number of new listings. Perhaps buyers are waiting to see what happens next. She explains it is still a seller’s market, despite this slowing in the market, and that there are still plenty of bidding wars and multiple offer scenarios in many areas. The average condo sold for 11% more than last year, and residential properties saw a 12% average price increase.
There is still less than a month of inventory in Ottawa, meaning competition is still high. This limited supply and high demand for houses means that the pressure is still on - and prices will remain high.
Condos are also performing slightly better as time goes on, because they are slowly becoming the most reasonable investment for many people - they are the most affordable option, and for many, are becoming the entry-level property type.
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.
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