See What’s Happened To Ottawa Real Estate (October 2022)
You may have read that home prices are dropping and that prices will fall dramatically. And most articles infer that it’s happening to Ottawa Real Estate but that is not really the case.
If you look at the chart above, if you compare year over year ( 1st 10 months of this year versus last), prices are up 9% for condos, and 8% for Freehold properties. If you compare this October to last October you see condos are still up 9% month over month and freehold properties down 4% month over month. Month over month are not really useful statistics as some times more properties can happen in previous or later months so the sample is too small to be very meaningful.
Prices have decreased quite a bit from the highs reached during the winter and early spring this year.
To get a broader perspective the charts below show the Ottawa price changes since 2017.
Freehold are up 73% from January 2017 (they reached a high of 114% in March of this year). The high for condos was also in March at 81% increase, but, interestingly, their average price is still up 68% from January 2017 despite all of the rate increases this year which usually affects condo properties more than freehold.
It is also taking longer to sell homes this October. Average days-on-market for freehold homes was only 8 days in April 2021 but was up to 43 days this October. The average days-on-market for condos was also 43 days this October, up from a low of 15 days last April. (Condos usually have to wait for the condo status certificate to be produced and reviewed which is usually 2 weeks, so days-on-market is usually at least 14 days before firming up.)