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 March 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.
March was off to an interesting start for the condo market in Ottawa! As the spring rush begins, we would expect to see plenty of listings. But compared to last year, listings for the month of march were actually down considerably everywhere but Centretown! We did see an increase in list to sold price in every area except Westboro, however!
The quantity of homes sold has also decreased since this month last year in all places except for Centretown.
Overall, this shows us that the sellers market may actually be slowing down, at least for apartment style condos in Ottawa! Because of this, if you’ve been considering buying a condo, it looks like now is your time. That being said, sellers shouldn’t be worried, as many homes are still going for a considerable amount over listing price!
This month, the Ottawa Real Estate Board sold 2011 residential properties - this is down from 2274 in March of 2021. This is still an increase of 42% from February of this year and 12% higher than the five year average!
This change may be due to the warmer weather last March which encouraged an earlier Spring buying and selling season. It is also worth noting that many restrictions have lifted this month, meaning more people are out and about on vacation and less focused on real estate at the moment.
The average sale price for condos in Ottawa was $479,405. This is a 10% increase from 2021. Residential properties average sale price was also up a considerable amount, 13%, at $853,615. The average price of homes in Ottawa is still on a steady incline.
We are also seeing slightly more houses enter the market over the past 5 years; a 4% increase.
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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