It appears that the spring real estate market has started early this year as February saw an increase in real estate activity.

As stated by Ottawa Real Estate Board President Penny Torontow, “although February’s resales were only 3% higher than last year at this time, we saw a 52% increase in the number of transactions compared to January’s figures (936). While a month-to-month increase is typical for this time of year, the gradation of this increase is higher than previous years, which could be an indication that our spring market may ramp up earlier this year.”

February – Real Estate Market Outlook

Residential average sale prices increased by 17% to $837,517 compared to February 2021. Condominium average sale prices increased by 15% to $466,682.

The average days on market in the residential class experienced a 17.5% decrease to 11 days and a 19.4% decrease to 18 days for condominiums.

1095 residential properties were sold in February 2022, an increase of 7% since last year. Condominiums sold reached 326 which is a 10% decrease.

Sellers’ Market

Ottawa remains a sellers’ market, however, the increase in listings offers some glimmer of hope for buyers. In the meantime, buyers need to be fully prepared to act when the right property comes along, as homes are still selling swiftly.

“The number of new listings in February (1,762) offers a slight glimmer of hope for prospective Buyers. At 4% higher than the five-year average and 12% higher than February 2021, it resulted in an almost 10% increase in residential-class property inventory compared to last year at this time,” Torontow observes.

Bank of Canada Raises Interest Rate

On March 2, the Bank of Canada raised it’s key interest by 0.5%. This is the first time the Bank has increased its benchmark rate since October 2018. This increase is intended to control the rapid rise in inflation, which hit a 30 year high in January.

Looking to Buy or Sell?

Are you looking to sell your home and understand its value? Find out how we work with our clients and book your free home evaluation with us.

Are you looking to buy a home? Find out how we can help you navigate this market.

Note: * The Ottawa Real Estate Board cautions that the average sale price can help establish trends over time but should not be used to indicate the value of homes and condominiums. Average sales prices are calculated on the total dollar volume of all properties sold. Of course, pricing and conditions will vary from neighbourhood to neighbourhood.