December 2021 Ottawa Real Estate Market Update

December is usually a time where people start to hibernate, focus on the holidays and avoid any big changes but, was that true for the Ottawa market?

In December, Ottawa Real Estate Board members sold 862 properties. This included 601 residential properties and 261 condominium properties. The five-year average for properties sold in December is 809.

The average sale price for a condominium was just over $399 000 and that is an increase of 12% over last year. The average residential sales price is just under $710 000 and that's an increase of 18% in comparison to last year. 2021 has been a record-breaking year. There have been over 20 000 properties sold and that is an increase of 7% over 2020.

There are a few things that could impact the market in 2022 and those things are:

1. A new wave of the pandemic

2. Low inventory

3. An increase in interest rates

The latest wave of the pandemic that started 2022 could cause less people to list their home until there is more certainty. As a result, our inventory continues to stay at record low levels. However, the demand from buyers is still high and that means we are seeing multiple offers on homes often. An increase in interest rates means that people's purchasing power will be less because the money they would get approved for will be lower.

It appears we are going to stay in a strong seller's market going forward into the year 2022. If you have real estate goals for 2022, reach out to me and we can collaborate to get them achieved. Happy New year!