The March Ottawa real estate market saw a 12% decrease in activity compared to March 2021, however, the total number of residential properties sold was still higher than the five-year average.

Ottawa Real Estate Board President

Penny Torontow, Ottawa Real Estate Board president comments, “last March was unseasonably warm in comparison, and the lion-like weather that pervaded most of this March may have played a role. More likely, the lifting of some restrictions and opportunity for unfettered travel during the spring break had peoples’ attention turning towards other activities during the month.”

March 2022 Stats

Residential average sale prices increased by 13% to $853,615 compared to March 2021. Condominium average sale prices increased by 10% to $479,405.

The average days on market in the residential class experienced a 10% increase to 11 days and a 22% decrease to 11 days for condominiums.

1,493 residential properties were sold in March 2022, a decrease of 12% since last year. Condominiums sold reached 518 which is a 10% decrease.

Strong Upward Pressure on Prices

“Average prices continue on their upward trend, albeit only increasing 2-3% over February’s figures, the year over year percentage increases of 13-14% validate that the housing supply shortage will continue to put strong upward pressure on prices until that is remedied,” states Torontow.

To achieve a balanced market we require four months of inventory, and currently we have only a half month’s supply.  Thankfully we are seeing more properties enter the market, but the demand still outweighs the supply.

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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.