Here are the June 2022 numbers:
Total number of units sold: 1,508 – down 29% from 2,122 in June 2021.
Five-year average unit sales for June: 1,966.
“After the frenzy of the past two years, we are witnessing Ottawa’s resale market normalize in 2022 and shift towards the more traditional seasonal ebb and flow cycle. While June transactions do typically taper as many look towards their summer holidays, last month’s sales were at a slower pace than we have seen in well over a decade,” states Ottawa Real Estate Board President Penny Torontow.
“We can likely attribute the decrease in unit sales to economic factors such as rising interest rates and cost of living/inflation. Other dynamics could include Buyer fatigue combined with a wait-and-see approach towards home prices, lack of confidence amongst consumers, and perhaps the uncertainty surrounding back-to-work arrangements as a long commute with rocketing gas prices will certainly affect decisions about where to live,” she adds.
Here are the specifics for each property class:
Number of residential-class properties sold: 1,138 – down 31% from 1,491 in June 2021.
Average sale price of a residential-class property: $772,861 – up 6% in June 2021.
Number of condominium-class properties sold: 370 – down 23% from 455 in June 2021.
Average sale price of a condominium-class property: $438,977 – up 1% in June 2021.
“It’s no secret that price increases have become more modest in the last two months–there’s a new benchmark reality in Ottawa. While our average price statistics provide an overall picture, as the market settles, there will be adjustment differences in various pockets of the city. For example, what happens in Westboro will not likely mirror Findlay Creek,” advises Torontow.
“But even as prices fluctuate, historically, real estate in Ottawa has always been and will continue to be stable and dependable in the long term. We aren’t likely to ever experience the significant dips that other regions may see. Prices won’t fall out; they are prone to level off to the reasonable rates of increase that we have historically experienced.”