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 December 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.
In December, members of the Ottawa Real Estate Board sold 601 properties. This is a 30% decrease from December 2021, where the board sold 857 properties. 466 of these sales were in the residential property class, which is a 22% decrease. 135 of these properties were in the condominium property class, down 48%. 601 sales is also significantly lower than the 5 year average for the month of December, which is 775.
Year in Review
Sales in 2022 are down in total sales as well as sales volume. In 2022, members of the Ottawa Real Estate board sold a total of 15,288 homes - residential and condo. This is down 25% from total sales in 2021, which were 20,289. In 2022, the total sales volume in our city was around $10.5 billion. In 2021, this number was $13 billion.
Condominiums in December were selling for an average of $434,973, this is a 9% increase from prices in 2021. Residential properties, however, are down 7% from last year, for an average sale price of $655,839. Year to date, prices are up 7% from last year in residential properties and 8% for condominiums. This is due to the high sales prices we experienced at the beginning of the year averaging out the lower prices later in the year.
In terms of inventory, Ottawa’s residential class property inventory has increased to 3.7 months of inventory. It was 0.9 months this time last year. In condominiums, inventory is now at 3.9 months instead of 0.9 in December 2021.
Rentals
The Ottawa Real Estate Board assisted in renting 6,105 properties in 2022, up a considerable amount from the 4,813 properties rented in 2021.
OREB is bringing in a new president for 2023, Ken Dekker. Ken explains that “December’s performance was in stark contrast to the very active resale market that opened 2022” but notes that “while it’s quieter than the frantic pace we experienced in 2021, it is now a balanced market.” This means there is no reason to panic! Although we are used to a very fast paced market where sellers have the upper hand, we’re seeing a ‘balanced’ market, which means buyers and sellers are experiencing a level playing field for the first time in a while.
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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