October 2022 Real Estate Stats

Here are the October 2022 numbers:

  • Total number of units sold: 1,080 – down 33% from 1,601 in October 2021.
  • Five-year average unit sales for October: 1,554.

“After the volatility of the past two pandemic years, which was unsustainable, the market is correcting and adjusting,” says Penny Torontow, Ottawa Real Estate Board President. “The slowdown is compounded by Bank of Canada interest rate increases, which further exacerbates buyer hesitancy and weakens people’s purchasing power—especially first-time homebuyers.”

“Demand is still high, and with increasing inventory available, Buyers have more choices and time to shop for their new home. However, the ongoing speculation about where prices and interest rates are headed shakes consumer confidence and has made some prospective Buyers take a wait-and-see approach.”

“Sellers may be understandably concerned about market fluctuations, which have been more drastic lately,” she adds. “As with any major investment, a longer-term perspective is important. The significant year-over-year gains of the last two years were not sustainable. If you have owned your property for any length of time, your equity has increased significantly and will buffer price corrections. If you buy and sell in the same market, it is all relative.”

Here are the specifics for each property class:

  • Number of residential-class properties sold: 758 – down 40% from 1,061 in October 2021.
  • Average sale price of a residential-class property: $677,873 – down 5% in October 2021.
  • Number of condominium-class properties sold: 229 – down 44% from 330 in October 2021.
  • Average sale price of a condominium-class property: $445,691 – up 9% in October 2021.