Ottawa's Real Estate Market Showing Signs of Turning Into A Normal Market

It seems that the Ottawa real estate market is starting to go into a transition from a seller's market to a normal, balanced market based on the following factors in its performance in April:

Decreased Average Sale Prices In Most Districts

Growing Number of Listings

• Combined residential resale and condo listings increased by 6.5%, compared to April 2021, with 1,304 residential resale listings and 393 condo listings available in the market.

Decreased Sales In Residential Resale Market 

• 1,419 residential resale properties were sold, a 23.4% decrease in sales compared to March 2021.  

• Most residential resale properties were sold in the $600,000 to over $1,000,000 price range which accounted for about 84.3% of residential resale property sales.

• Buyers purchased mostly: 
  • Two-storey properties - average sale price - $876,993 (previously $833,477 in April 2021).
  • Bungalows (1-storey) - average sale price - $767,391 (previously $667,663 in April 2021). 

Decreased Sales In Condo Resale Market 

• Similar to the residential resale market, 470 units were sold, a 13.1% decrease compared to March 2021.  

• Most condo units were sold in the $300,000 - $550,000 price range, accounting for about 78.1% of the condo market. 

• Despite lower condo sales compared to April 2021, the most sold condos were:  
  • 2-storey properties - average sale price - $489,908 (previously $499,613 in March 2022)
  • One-level units - average sale price - $453,210 (previously $451,288 in March 2022)

Other Real Estate Trends 

• Within Ottawa's city limits, almost 12 districts had resale properties sold on average for $1 million and over. (see 2 table graphics in green below for details). 

• In the Ottawa Valley, some properties in the rural districts were sold are below the average sale price of $600,000, while facing significant average sale price increases in the last two years, except for properties in Russell, Almonte, and Carleton Place where they were sold with an average sale price between 21% and 35% increase from April 2021. This trend shows those 3 districts are popular communities where there is more demand and interest among buyers looking for affordability and more living space to continue working from home.  

Source: James Bagnall, Ottawa Citizen, A new 'normal' glimpsed in Ottawa real estate as April home sales drop, listings increase.

May 5, 2022