Here are the September 2022 numbers:
- Total number of units sold: 1,080 – down 33% from 1,601 in September 2021.
- Five-year average unit sales for September: 1,586.
“September’s lower sales performance reflects continued hesitancy among Buyers as they watch interest rates rise and consider the speculation surrounding price trends. With rising interest rates, the mortgage stress test has sidelined some potential Buyers, while others are likely scrutinizing their budgets for affordability amidst inflation and cost of living increases,” says Ottawa Real Estate Board President Penny Torontow.
“On the other hand, we have seen an uptick in the number of new listings entering the market, which were not only higher than last month but also last year, and the five-year average. This trend continues to bring the resale market into more balance, which generally means more time for Buyers and Sellers to weigh their options and to adjust according to their needs,” she adds.
Here are the specifics for each property class:
- Number of residential-class properties sold: 816 – down 34% from 1,093 in September 2021.
- Average sale price of a residential-class property: $706,658 – up 0.5% in September 2021.
- Number of condominium-class properties sold: 264 – down 27% from 335 in September 2021.
- Average sale price of a condominium-class property: $450,987 – up 6% in September 2021.
“Prices are stabilizing with slight month-to-month movement, whereas, year over year we are seeing the slow and steady increases that the Ottawa resale market is known for. As every neighbourhood is different, Buyers will want to consult a local REALTOR® who can tap into proprietary data on price trends and expert insights to help them navigate market shifts,” Torontow advises.