March 2022 was another record month for real estate prices in Ottawa.
- Detached homes gained 11.9% from a year ago. They were up about $10,000 on a month to month basis.
- Townhomes were up 16.2% compared to a year ago and gained about $23,000 on a month to month basis.
- Condos gained about 10% compared to a year ago and were up about $12,000 on a month to month basis.
Average days on market was 11 days and active listings remain extremely low as compared to long term trends.
Mortgage rate increases will be the biggest obstacle that home prices will face in the next 6-12 months.
Key Insights for Buyers:
Make sure to have your pre-approved ready. The market is a tiny bit less competitive as compared to January and February. This is good news for buyers. While most homes are still receiving multiple offers, it is not always the case.
Key Insights for Sellers:
Prices have doubled or tripled in Ottawa over the past 10 years. If you are thinking of selling this is a great opportunity. Most homes sell within one or two weeks and usually with multiple offers at record prices.
I am always happy to answer any real estate related questions you may have.
Sales Representative / Sutton Group – Ottawa Realty / Brokerage, Independently Owned and Operated
Hintonburg – Orleans – Kanata
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