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 May 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 past month, there were 1846 residential property sales in Ottawa, compared to 2285 last year - this is a decrease of 19 percent year over year, and is significantly lower than the 5 year average of 2031 sales as well.
Penny Torontow, Ottawa Real Estate Board’s president, explains that we can see this trend continuing as the market slows from where it was in 2021. With rising interest rates, a higher cost of living, and inflation, sales were already slowing. Add in the intense storm Ottawa suffered mid-month, it only makes sense that people are taking a step back while the community heals.
Data shows that there was a sharp decline in new listings and a large increase in cancelled/suspended listings after the storm hit Ottawa.
We also saw a slight decrease in the inventory of condominium units in the city, which isn’t surprising as more and more people, especially first-time home buyers, are investing in condominiums as their pricing is more accessible.
Despite fewer sales, prices still increased on average from last year, 11% for condos and 8% for residential properties, and a 12% overall increase in price. But prices are slowly adjusting to the market, and are decreasing an average of 1-2% per month.
We are also seeing more cumulative days on market. Because of this, we are getting closer and closer to a balanced market, because more days on market allows buyers more breathing room to decide what works best for them.
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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