Ottawa & Area Real Estate Market Snapshot April 2022

MARKET MONDAY!


Consider these factors when understanding the April 2022 stats: rising interest rates, Buyer frustration and housing supply. 


Over April last year we saw an increase of 11.6% in average residential sale price at $829,318 and fewer properties sold at a decrease of 23.4% resulting in 1,419 residential properties sold.


Condominium average sale price percentage increased about the same at 11% with an average sale price of $473,702. Number of condos sold this past April 2022 was 470; result of a 13.1% decrease over April 2021.


Year to date, total properties sold decreased 21.1% resulting in 1,889 properties sold, but an increase of 13% residential average sale price at $830,588. Condominium average sale price increased by 12% resulting in an average sale price of $469,603. Decreased number of sales this year is due to the fact that there is an inventory shortage.


The fact of the matter is that it is still a Seller’s market. Bidding wars & multiple offers still exist in some areas, and prices continue to rise, but at a more moderate pace.