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November Residential Resales: Expectedly Low

Members of the Ottawa Real Estate Board sold 846 residential properties in November through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,456 in November 2021, a decrease of 42%. November’s sales included 658 in the residential-property class, down 39% from a year ago, and 188 in the condominium-property category, a decrease of 50% from November 2021. The five-year average for total unit sales in November is 1,270.

“November’s sales were expectedly low given the typical slowdown this time of year but they also reflect today’s economic conditions, says Penny Torontow, OREB’s 2022 President.  “This is not isolated to our local market.  Globally, we’re still adjusting to the post-pandemic world and that affects demand, pricing, interest rates, cost of living, supply chain disruptions and more.  As a result, those who can, are waiting and watching.”

By the Numbers – Inventory & New Listings:

  • Months of Inventory for the residential-class properties has increased to 3.5 months from 0.9 months in 2021.
  • Months of Inventory for condominium-class properties has increased to 3.4 months from 1.1 months in 2021.
  • November’s new listings (1,598) were 12% higher than 2021 (1,429) and down 22% from October 2022 (2,046). The 5-year average for new listings in November is 1,398.

By the Numbers – Average Prices*:

  • The average sale price for a condominium-class property in November was $415,533, a decrease of 4% from 2021.
  • The average sale price for a residential-class property was $680,031, decreasing 5% from a year ago.
  • With year-to-date average sale prices at $774,422 for residential units and $454,436 for condominiums, these values represent an 8% increase over 2021 for both property classes.

“What’s concerning about the current market is the impact on first-time hombuyers, ” says Torontow.  “The market decrease in condo sales, for example, signals that even entry-level properties are being affected.  Fluctuating markets, paired with the stress test, are keeping first-time buyers on the sidelines in a tight rental market – with MLS® rentals increasing 27% this year over last.”

“With nearly four months of inventory and an average 30 days on market, Ottawa now as a balanced resale market, slightly tipping toward the buyers”, says Torontow.  “Sellers are well-advised to work with a REALTOR® who has hyper-local knowledge about specific neighbourhoods, appropriate price points and ideal timing.  Prices are adjusting but real estate is a long-term investment.  It’s the same reason I tell buyers to marry the house and date the rate.”

* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.

The Ottawa Real Estate Board

Average Sale Price

We are very fortunate to have one of the most stable markets in the country. Ottawa continues to provide homeowners excellent growth on their real estate investment. Here’s a look back at the Resale Home Sales in the Ottawa Region from 1980 to 2022.

Ottawa Real Estate Board Average Sale Price 1980 – 2022

Year Average Sale Price Percent Change
1980 $ 62.748 1.4
1981 $ 64.896 3.4
1982 $ 71.080 9.5
1983 $ 86.245 21.3
1984 $102.084 18.4
1985 $107.306 5.1
1986 $111.643 4.0
1987 $119.612 7.1
1988 $128.434 7.4
1989 $137.455 7.0
1990 $141.438 2.9
1991 $143.361 1.4
1992 $143.868 0.4
1993 $148.129 3.0
1994 $147.543 -0.4
1995 $143.193 -2.9
1996 $140.513 -1.9
1997 $143.873 2.4
1998 $143.953 0.1
1999 $149.650 4.0
2000 $159.511 6.6
2001 $175.701 10.3
2002 $200.271 14.1
2003 $218.692 9.0
2004 $235.678 7.7
2005 $244.531 3.8
2006 $255.889 4.7
2007 $272.618 6.5
2008 $289.766 6.3
2009 $303.888 4.9
2010 $327.225 7.7
2011 $343.701 5.2
2012 $351.792 2.3
2013 $357.346 1.6
2014 $361.712 1.2
2015 $367.632 1.7
2016 $371.901 1.2
2017 $392.474 5.5
2018 $407.571 3.8
2019 $441.693 8.4
2020 $529.675 19.5
2021 $645.976 21.9