Here are the November 2022 numbers:
- Total number of units sold: 846 – down 42% from 1,456 in November 2021.
- Five-year average unit sales for November: 1,270.
“November’s sales were expectedly low given the typical slowdown this time of year but they also reflect today’s economic conditions,” says Penny Torontow, OREB’s 2022 President. “This is not isolated to our local market. Globally, we’re still adjusting to the post-pandemic world and that affects demand, pricing, interest rates, cost of living, supply chain disruptions and more. As a result, those who can, are waiting and watching.”
Here are the specifics for each property class:
- Number of residential-class properties sold: 658 – down 39% from 1,061 in November 2021.
- Average sale price of a residential-class property: $680,031 – down 5% in November 2021.
- Number of condominium-class properties sold: 188 – down 50% from 330 in November 2021.
- Average sale price of a condominium-class property: $415,533 – down 4% in November 2021.
“What’s concerning about the current market is the impact on first-time homebuyers,” says Torontow. “The marked decrease in condo sales, for example, signals that even entry-level properties are being affected. Fluctuating markets, paired with the stress test, are keeping first-time buyers on the sidelines in a tight rental market—with MLS® rentals increasing 27% this year over last.”
“With nearly four months of inventory and an average 30 days on market, Ottawa now has a balanced resale market, slightly tipping toward the buyers,” says Torontow. “Sellers are well-advised to work with a REALTOR® who has hyper-local knowledge about specific neighbourhoods, appropriate price points and ideal timing. Prices are adjusting but real estate is a long-term investment. It’s the same reason I tell buyers to marry the house and date the rate.”