Read The Ottawa Real Estate Market Report for December 2022
Ottawa Resale home prices up overall for 2022
Resale home prices in Ottawa ended 2022 above prices in 2021. Average condo prices were up about 7%, and average freehold homes were up about 4%.
Interestingly, while condos averaged 11% higher in price in December 2022 compared to December 2021, freehold properties averaged about 11% lower. While those numbers are often what you will see in the news – they’re really not indicative of much as it’s always a small sampling and there could have simply more higher priced units sold one month over another not necessarily that the prices have changed.
The number of sales is still very low for both condos and freehold. Condos are usually hit the hardest by interest rate changes, and 2022 really pushed the envelope with increases of mortgage rates.
We’ll prepare a more detailed analysis of prices and sales for the February newsletter, when – hopefully – buyers will be more actively buying again.
We do have more detailed charts that we can share, and can also provide information that is more specific to your neighbourhood or condo building.