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Ottawa Market Update May 2022

10 May 2022by shaunna0

Ottawa market update | May 2022.

In Ottawa in the month of May the average sales price for a condominium property was $472,920.00. This was an increase of 11% from the average sales price of a condominium in 2021. The average sale price for a residential property was $802,393.00 which as a result is an increasing of 8% compared to a year ago.
The year-to-date average sales price is also up by about 12% over 2021 for both condominium-class and residential-class properties. With the year-to-date average at $824,276.00 for residential and $470,353.00 for condominiums.*

Continuing with our Ottawa monthly market update for May 2022… Members of the Ottawa Board sold 1,846 residential properties in May through the Board’s MLS® System. This compares to 2,285 residential properties sold in May 2021. This is a decrease of 19%.

Another interesting statistic from the Ottawa Real Estate Board was the number of cumulative days on market (CDOM).

The cumulative days on market is now 14 days. In May 2021, it was 11 days. This is a very interesting statistic. Above all, this points to the fact that we are indeed slowly moving out of a strong buyers market. So, will we soon be creeping into a balanced market? Only time will tell, but the data is pointing in that direction. Cumulative days on market is typically between 30-60 days in a balanced market. In Ottawa, CDOM is usually closer to the one-month mark in a balanced market.

May’s 2022 sales included 1,384 residential properties, down 22% from May 2021. 462 condominium-class properties were also sold in May 2022, a decrease of 11 per cent from May 2021. The five-year average for total unit sales in May is 2,031. Similar to days on market slowly increasing and pointing to the fact that the market is shifting, the number of sales is slowly increasing towards the five year average. This is another good sign for buyers in the Ottawa area who are looking to jump into the market, however only time will tell.

This all being said, we must all keep in mind that each property has its own hyper-local factors that will affect the saleability.

These factors include things like the neighbourhood, condition it is in, what else is for sale in the area, pricing, etc). These factors will all affect the amount of interest that property sees and the final sale price. If you are considering selling your Ottawa home, it is important to speak with a knowledgeable and experienced real estate professional. Contact Shaunna McIntosh to get the true market value of your home or find out what the appropriate price point would be to list your property for sale. This decision is highly personal and can be affected by a plethora of exterior factors that need to be taken into consideration. This is why working with an experiences real estate broker is so important. Contact Shaunna today!

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