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 June 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.
This month, members of the Ottawa Real Estate board sold 1,508 residential properties. This is down a significant amount from 2,122 in June 2021. Residential property sales are down 31% and condo sales are down 23%.
Penny Torontow explains that Ottawa’s market is becoming more normal now, and we’re seeing a more typical ebb and flow cycle.
We can also assume that a higher cost of living and inflation are contributing to the discouragement many people feel about buying homes. Also, Torontow explains, that ‘buyer fatigue’ caused be waiting to see about home prices may also contribute to lower confidence in consumers. All this, and the rising gas prices, may be slowing down Ottawa resident’s motivation to purchase a home.
Prices are now at a 1% increase in condo prices and a 6% increase in residential home prices. Residential inventory has also increase 38% over this time last year, and condominium has increased 14%.
Torontow explains now might be a great time to buy as there is more inventory and less bidding wars.
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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