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 February 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.
We are now in our second month of 2022, and the market shows no signs of slowing down! Almost all neighbourhoods saw an increase in the number of listings and an increase in their list to sold price. The average days on market went down significantly in every area except for Hintonburg.
The Ottawa Real Estate Board recorded 1421 residential properties sold this month, compared to 1385 last February - a 3% increase!
326 of these sales were condominiums, which is a 10% decrease from this month last year.
From January to February this year, we saw a 52% increase in transactions. Although this is typical as we move into the spring season and see more and more properties up for sale, this is a larger increase than we have seen in previous years.
OREB President Penny Torontow says this is a sign we may see the spring market “ramp up earlier this year.”
This may also be a sign that people are wary of the new interest rate increase, or perhaps be due to eased pandemic restrictions. We should expect to see the spring market in Ottawa continue to increase in the coming months.
Despite this, with the new increased interest rate and rumours of continued increases, we may also see lessened buyer power in the coming months.
The average condo price was $466,682 while the average residential property was listed at $837,517. These prices are increased 15-17% from the previous year.
The number of new listings may mean that we will see a reversal or slowing of the seller’s market in the coming months, but this will be largely dependent on, as previously mentioned, the buyer power available after the interest rate increases. It is also worth mentioning that although there were more new listings than in previous years, the number of available condominiums is down 20%!
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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