OTTAWA MARKET UPDATES

       

PRICES:

Detached Home Average: $747,310⬆️ 3.5%

Condo Average: $421,966 ⬆️ 4%

Semi-Detached Average: $667,655 ⬆️ 5%

Row Home Average: $611,715 ⬆️ 6%

SUPPLY:

2093 new listings came to market this past month. 

This is on par with what we normally see in August 

DEMAND:

1137 residential properties sold over the last month  

This is DOWN 30% from last August.  The five-year average is 1603 sales for the month of July.

ABSORPTION RATE

How quickly new properties are sold and absorbed into the market

January 2022 – 48% absorption rate

February 2022 – 55% absorption rate

March 2022 – 55% absorption rate

April 2022 – 46% absorption rate 

May 2022 – 39% absorption rate 

June 2022 – 28% absorption rate 

July 2022 – 22% absorption rate 

August 2022 – 22 % absorption rate




Just like July, the number of sales was down from last year; however, prices increased about 4% from 2021.

We knew that August was going to be a slower month.  We have beautiful weather in August, and we could get outside to socialize!  There was also some Buyer uncertainty about what would happen with interest rates.  We know the interest rates increased again.    This brings some certainty back into the market.   We are entering a NORMAL real estate market 

Buyers, if you haven’t already connected with a mortgage specialist, reach out to me, and I will connect you. 

One of the best analogies I have heard lately is that buyers and sellers are standing on two different sides of a bridge.  Over the last couple of years, the buyers have jumped to meet the sellers.   Now it is the seller’s turn to cross that bridge the meet the buyers.  Sellers can do this by having realistic asking prices.  Don’t worry about your neighbour who sold in March.  

Currently, we have about 2.7 months of inventory on the market.  Technically this is still considered a seller’s market and where Ottawa usually sits.   A balanced market is 4-6 months of inventory and 6 plus months is a buyer’s market. 

What to expect this month? 

We will continue to watch the absorption rates and those months on the market.  My feeling is that we are going to see a plateau.  Again, this is the trend we usually see here in Ottawa; every decade, we have 2-3 years of double-digit growth, then a plateau.   Some neighbourhoods may see a decline.   This is the balancing that we needed to happen.  

It’s September! September is the month of fresh starts! I’m here to answer any questions that you might have about your individual situation.  All you have to do is reach out!

Laura Seanor

RE/MAX Hallmark Realty Group🏡

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Ottawa 30-second Real estate market update

Do you have questions about what it takes to sell or buy in Ottawa, Canada, successfully? Fill in the contact form me or Call 613-290-0407

Click here for Market updates from previous months

April 2021 – Is the market going to crash?