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 January 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.
2022 is off to a great start. Ottawa is currently a sellers’ market, meaning that owners are getting great prices on their homes and offers are highly competitive. Despite this, we have seen a huge increase in sales in the Byward and Sandy Hill area! In other areas, we have seen less sales and listings - this is what causes a sellers’ market! Less availability means that condos and houses are ‘hot commodities’ - there are only a few, so there is more competition to get them!
The Ottawa Real Estate Board reported there were 936 residential properties sold in January 2022, compared to 963 in January 2021. 275 of these were condominium, down 5% from January 2021.
Sales in Ottawa this month were almost identical to those of last year. OREB President Penny Torontow says “pent-up buyer demand due to the housing supply shortage” is responsible for price increases and an accelerating market.
The average prices of homes in Ottawa is continuing to rise, pushed by a lack of inventory. Homes in Ottawa over 1 million jumped from 3% of residential Ottawa sales in 2020 to 14% of detached home sales in 2022.
The condo market is doing spectacularly in Ottawa, perhaps due to the fact that many residential homes may be out of reach for Ottawa buyers.
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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