See What’s Happened To The Ottawa Real Estate Market To July 2022
The Real Estate Market in Ottawa is obviously shifting, but the shift is not nearly as terrifying as you may have read about in the news, which tends to report on Canada (Toronto/Montreal/Vancouver).
Yes, number of sales have dropped significantly year-over-year, month-over-month, and in both freehold and condo properties.
Note however that prices are still up 2022/2021, and even Jul/Jun, particularly for freehold homes. Condos held even, and they are usually the most impacted by mortgage rate increases.
The number of sales normally drops in July and August due to summer holidays. This year we’ve also had the major mortgage rate increases, and, as mentioned above, these affect condos the most.
All in all, what’s happening is more that the market is stabilizing rather than that it is crashing. You may have read that some agencies are predicting a 10% drop in prices, and one pundit is even expecting a 40% drop! Perhaps this will happen in Toronto or Vancouver, but Ottawa has always been a much more stable market.
Yes, prices rose dramatically as people scrambled to find large homes during stay-at-home covid. This was particularly due to not having enough homes for sale for the number of buyers. And when we compare the recent number of listings to the number of sales, Ottawa still does not have enough homes for the number of buyers who are looking.
The “bidding wars” are pretty much gone. Unfortunately, there are sellers who were hoping to make a killing and are now starting to realize that they’ll only make a very healthy profit. <wink> Without more inventory of homes for sale, it’s unlikely that we’ll see major price drops.
Please note that these stats are for the overall Ottawa region. Let us know if you’d like information about your particular neighbourhood or condo building – always happy to help!
In case you’d like to see more detailed charts: