Ottawa Real Estate Market February 2022
What has happened in the Ottawa real estate market in 2022 so far? This blog has the details and helpful resources to make sense of the latest numbers from the Ottawa Real Estate Board. This article will give you insight into the Ottawa real estate market which some are referring to as reminiscent of a traditional Spring market. The only difference, it is not Spring yet. Things are heating up early this year in Ottawa real estate as we had anticipated. Read on for the full story on current real estate market conditions in Ottawa.
Average Sale Price in Ottawa Real Estate
The average sale price in Ottawa real estate has increased. Year to Date (February 2022) the average sale price for residential properties in Ottawa is $812,883. Compare this to the average YTD sale price for residential properties in Ottawa in 2021: $701,107. That is a 15.8% change or about a $100,000 increase. That is dramatic growth in the Ottawa real estate market. In the Ottawa condominium market, things were not much different with average YTD sale prices increasing from $395,472 in 2021 to $458,107 in 2022. This represents a 15.8% increase.
We can see from these numbers that prices are continuing to increase in 2022. One factor that is impacting this issue is inventory. Supply and demand are always involved in pricing. The good news for buyers is that more inventory is coming on every single day. Lots of selection, but things are going fast and acting quickly is important. Greg Hamre shares his insight on the prospect of more inventory coming and the increased inventory we have already seen in quarter 1 this year.
What do price increases mean for you?
If you are a seller it means you have a lot of equity built up in your current home. This could be the opportunity for a lifestyle change. Use current equity to make the move to the next chapter of your life. For some that could mean moving out of the empty nest and heading downtown for lifestyle. We saw recently that a family had much more equity built up than they could possibly imagine. Watch below for the full story on that.
What do current market conditions mean for buyers in the Ottawa real estate market?
We are still currently in a seller's market in Ottawa. This means homebuyers will want to have their plans set and be ready to strike when the right moment and home arrives. The Hamre Real Estate Team at RE/MAX Affiliates in Ottawa can help position you to succeed when buying a home. Our unique buyer advantage program will give you access to homes that others might miss. We will also help you with the offer strategy and ensure you are making your best offer at the optimal time.
If you want to talk about the Ottawa real estate market, reach out via the contact form below. We hope to hear from you soon.