Do Reduced Real Estate Sales Reduce Average Sale Prices In Ottawa?
The answer to this question depends on the types of properties that have high buyer demand.
Here is a list of changes to average sale prices of various property types from April 2022 to May 2022.
| Property Type | Average Sale Price (May 2022) |
Average Sale Price (April 2022) |
| Semi-Detached | $687,468 | $713,716 |
| Townhome | $658,810 | $687,730 |
| Bungalow | $703,922 | $681,307 |
| 1 1/2 Storey | $465,701 | $470,701 |
| 2 Storey | $865,046 | $910,455 |
| 3 Storey | $1,191,335 | $1,229,660 |
| 1-Level Condo Apartment | $470,864 | $449,841 |
| 2-Storey Condo | $463,641 | $488,355 |
| 3-Storey Condo | $488,376 | $533,220 |
| Duplex | $514,528 | $411,429 |
| Triplex | $835,300 | $775,008 |
| Fourplex | $1,020,750 | $737,857 |
| Apartments - 5+ Units | $1,189,960 |
$1,193,750
|
As you see in the table, the increases in average sale prices for some property types may indicate their high demand and popularity among buyers. While the other property types with decreased average sale prices may indicate properties have been in the market for a longer period of time. As such, these properties needed to reduce their listed prices to encourage buyers to buy them.
Based on these statistical trends, sellers need to price their properties for sale competitively which reflects the current state of the Ottawa market.
