Ottawa Real Estate Market Update May 2022

June 8, 2022

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Market Summary:

The Ottawa real estate market continued to slow in May 2022. Homes sold decreased by about 20% from a year ago and active listings were up about 18% from a year ago.

  • Detached homes gained 6.7% from a year ago. They were down about $10,000 on a month to month basis.
  • Townhomes were up 8.8% compared to a year ago and lost about $30,000 on a month to month basis.
  • Condos gained about 11% compared to a year ago and were mostly flat on a month to month basis.

Days on market is still very low at 11 days for homes and 13 days for condos. However, I saw a lot of cancelled listings which indicates that many properties went to market and did not receive their desired offer price. After a certain period these homes were either re-listed or taken off the market.

As the Bank of Canada continues to increase interest rates, the cost of financing will continue to go up thus causing a significant headwind for home prices.


Key Insights for Buyers:

I anticipate that buyers will be in a good position for the next 12 months. Inventory has increased and bidding wars are mostly over (minus a few select in demand properties). As mortgage rates continue to increase, I anticipate some further price reductions and increased inventory.

Ottawa real estate sold prices are available via my site


Key Insights for Sellers:

The Ottawa market has been less effected by the slowdown in the real estate market. Prices are still a few percentage points off their record highs and there is strong buyer demand. With the correct pricing and marketing strategy most homes will sell in 1-4 weeks.


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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