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 kpre.ca.

 

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: kiril@sutton.com / www.kirilpeev.ca

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

Hintonburg – Orleans – Kanata

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Referrals are always welcome and greatly appreciated. Thank you!