The Ottawa real estate market experienced a noticeable slowdown in April 2022. While still a sellers’ market, prices have given back 2-3% from the March 2022 record highs.
- Detached homes gained 11.7% from a year ago. They were down about $30,000 on a month to month basis.
- Townhomes were up 13.6% compared to a year ago and lost about $25,000 on a month to month basis.
- Condos gained about 11% compared to a year ago and were down about $6,000 on a month to month basis.
Average days on market was 10, but I also saw a lot more cancelled and expired listings. This happens when sellers’ do not get the price they anticipated after listing and choose to wait rather than accept a lower than expected sale price.
The Bank of Canada will continue to increase rates this year and mortgage rates are anticipated to keep going up. Mortgage rates will have the biggest impact on the price of homes in Ottawa.
Key Insights for Buyers:
Buyers have a lot more inventory to choose from and should avoid bidding wars in this market. While some homes are still receiving multiple offers, the market is a lot more balanced. In demand areas and lower priced homes will still command multiple offers.
I anticipate some really good buying opportunities in the next 6 months. Historically, July and August have been advantageous months to purchase in Ottawa as a lot of people go on vacation and there is a lack of buyers.
Key Insights for Sellers:
Prices are only 2-3% off their record highs. It is still a great time to sell and secure a huge windfall. I do not anticipate new record prices this year. The increase in mortgage rates has effectively increased the cost of ownership.
If you have been thinking of selling, this is a great time to list. With the right marketing and pricing strategy most homes will sell in 1 – 4 weeks at or near 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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