February, 2022, Ottawa Real Estate Market Update

Spring weather might not be here yet but, the spring real estate market in Ottawa has arrived!

It has been an active February with Ottawa Real Estate Board members selling 1421 properties and of that number, 1095 were in the residential class and 326 were in the condominium property class. The five-year average for properties sold in February is actually 1184 so, you could see why I'd say it's been an active month in the market. In fact, we had 52% more transactions in February than we did in January so, quite an increase in activity as well.

What are homes selling for? The average condominium sale price was $466 682 and that is an increase of 15% from last year. The average residential sale price was $837 517 an increase of 17% over last year. Will these numbers remain?

The supply is still low but, there was a 12% higher supply of homes than we had in February of 2021 so, that is a positive point but, it's going to take us more to get out of this strong seller's market. Homes continue to sell for a record low amount of days on market which means if you are a buyer and like a home, act quickly.

Home buyers should be prepared by having your pre-approval ready and maybe even an inspector's contact information in case you want to have a pre-inspection done before making an offer on a property.

Sellers, even though it is a seller's market, I advise you to continue to be meticulous with your home when you're putting it up for sale. Do the prep work because it will pay off-literally!

If you are interested in finding out what homes have sold for in your specific neighborhood, send me an email, saying keep me informed and you will be provided a monthly chart of homes similar to yours that are selling each and every month.

Happy spring!

*Data provided from Ottawa Real Estate Board*