Ottawa Real Estate Market Update for July 2022

August 7, 2022

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Market Summary:

The Ottawa real estate market continued it’s downward trend in July. With higher mortgage rates, more inventory and higher cost of ownership, prices gave up significant territory on a month-to-month basis.

Prices are down about 15-20% from the February/March 2022 peak.

  • Detached homes gained 4.8% from a year ago. They were down about $60,000 on a month to month basis.
  • Townhomes were up 3.0% compared to a year ago and lost about $40,000 on a month to month basis.
  • Condos gained about 11% compared to a year ago and were down about $15,000 on a month to month basis.

Days on market is rising fast, inventory is going up and properties sold is declining. This is a perfect storm for prices. Even with lower prices, the cost of ownership is significantly higher than one year ago.

For example a home with a purchase price of 600K and a mortgage of 500K will cost about 3K in mortgage payments at today’s rates (approximately 5.25%). When 5 year rates were 2%, the mortgage payment would have been about $2,100. A significant difference of $900 per month.


For those interested in recent sold prices in Ottawa, Ottawa real estate sold prices are available via my site Please note, you will need to register and sign-in in order to access sold data.


Key Insights for Buyers:

Buyers have the upper hand at the moment. I am seeing daily price decreases in listing prices. Buyers should be negotiating prices and factoring in continued price declines over the next 3-6 months.


Key Insights for Sellers:

Sellers are still in a decent position to sell their property. There are still buyers out there abiet at lower prices. Homes that are staged and priced correctly are selling in about 2-8 weeks.


I anticipate further price declines for the Ottawa real estate market. In my opinion there is still another 10-20% of price depreciation to come.

Rising variable rates and the ultimate higher cost of ownership are the biggest challenges for prices. There is a chance that the federal government will play with the stress test in order to lower the barrier to ownership.


I am always happy to answer any real estate related questions you may have.


Kind regards,

Kiril Peev

Email: /

Sales Representative / Sutton Group – Ottawa Realty / Brokerage, Independently Owned and Operated

Hintonburg – Orleans – Kanata

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