Ottawa Real Estate Market Activity Update - January 2022

January's frigid temperatures did not cool down Ottawa's resale real estate market where there were strong sales along with double-digit average sale price increases, limited supply of listings and increased buyer demand.

This is what happened in January.

Reduced Property Listings Continued

• Residential resale and condo listings decreased by 13% with 827 listings available in the market compared to 951 listings that existed in January 2021. 

Stable Sales In Residential Resale Market 

• 661 residential resale properties were sold which was similar to January 2021 where 673 properties were sold.  

• Residential resale properties were sold quickly on average from 32 days to 27 days on the market, which is about 18% decrease from January 2021. 

• Most residential resale properties were sold in the $600,000 - $900,000, and over $1,000,000 price ranges which accounted for 72% of residential resale property sales.

• Buyers purchased mostly: 
  • Two-storey properties - average sale price - $824,794 (previously $702,948 in January 2021)
  • Bungalows (1-storey) - average sale price - $722,675 (previously $634,758 in January 2021) 

• Most of the residential properties were purchased in:
  • Kanata/Nepean - average sale price - $876,803 (previously $725,952 in January 2021)
  • Downtown/Central Ottawa - average sale price - $905,496 (previously $809,045 in January 2021)
  • Orleans - average sale price - $738,116 (previously $661,090 in January 2021)

Continued Reduced Sales In Condo Resale Market 

• 275 units were sold compared to 290 units sold in the same month in 2021, a 5% decrease. 

• Unlike the residential resale market, condos took a slightly longer time to sell where they were sold on average from 35 days to 37 days on the market, which is a 6% increase from the same month in 2021.

• Most condo units were sold in the $300,000 - $500,000 price range, accounting for 63% of the condo sales. 

• Despite lower condo sales compared to January 2021, the most sold condo units were:  
  • One-level units - average sale price - $426,721 (previously $393,237 in January 2021)

• Most of the condos purchased were in:
  • Downtown/Central Ottawa - average sale price - $448,184 (previously $385,942 in January 2021).

Continued Increased Sales In The Luxury Home Market

• There was a 14% increase in luxury homes sales (priced over $1,000,000) compared to January 2021.

Other Real Estate Trends 

• The Ottawa Valley has been the district in the Ottawa and the surrounding areas with the fastest average sale price increases. For example, Mississippi Mills, Kemptville South and Smith Falls generated significant average sale price increases above 56% (see yellow table graphic below)

• Within Ottawa's city limits, Carlingwood, Westboro. Bells Corners, south to Fallowfield, Dunrobin and Carp generated significant average sale price increases above 46% (see green table graphic below).

Source: James Bagnall, Residential home prices resume relentless rise in January, Ottawa Citizen, @JamesBagnall1, February 3, 2021