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June, 2022 Ottawa Real Estate Market Update

The weather may be heating up outside but, the seller's market has cooled down.

As a trusted real estate advisor to my clients, I like to keep my sphere informed on the Ottawa market so they can make the best real estate decisions for them. I specialize in helping families upsize their homes in the Ottawa area so they can get out of the “squish” and into a home that meets all their growing needs.

Buyers-you said you were frustrated with the competition out there that was happening in the spring. Well, now's the time to get off of the bench and start looking again for a home you love because with increased inventory and the interest rate hikes, competition is becoming rare. This means you can actually find a home that you love and not compete against anyone.

June sales are down for the number of properties sold. The actual properties sold equals 1508 properties for the month of June, 2022 and that is a 29% decrease from June last year. Of that number, 1138 were sold in the residential class and 370 were in the condominium class.

What are the average sale prices in Ottawa? The average condominium sale price is selling at $438,977 and that is up 1% from last year. The average residential property is selling at $772,861 an increase of 6% from last year. What will happen with the prices? Historically, Ottawa is a very stable market and in the past 50 years it's only gone down a few times only to be corrected significantly the years following. On average, we see home prices increase by about 4% a year and we are in that zone this month.

What does this mean for sellers? It isn't the same market as we've had in the spring and now is your time to make sure if you're about to sell, be prepared. Get your home show ready. Do the extra things that need to be done to make sure it looks its best. Also, be prepared to stay on the market a little longer because the average days on market has increased hovering around 20 days on market before selling.

Wondering what your next move is? I’m a quick call away to chat!

Have a wonderful and warm July!

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