How far will spending $837,000 in Ottawa’s real estate market get you in March of 2022? The average price for a residential home in Ottawa has increased dramatically. This increase came in the form of 17 percent in the month of February. What was the cause of this change? The lack of supply in the real estate market. In February of last year (2021), the average residential-home price was $717,914. In February of the following year, that price had increased to $837,517. The average cost of a condominium is $466,682, an increase of 15 percent from the previous year.
The total number of homes sold in Ottawa’s real estate market in February has increased from last year, 1,385 (2021) vs 1,421(2022). This is only a three percent increase, which does not seem important. However, it is indeed an astounding 52 percent increase compared to January’s numbers. February’s listing numbers came in at 1,762, a four percent increase compared to the five-year average. This is an indication that the spring market may be on the rise earlier than it has in previous years.
The Ottawa Real Estate Board will be on a close lookout to see how the 2022 spring market develops this year. This watch comes as a result of the increased key interest rate as well as other macro factors. The interest rate alongside higher inflation will weaken purchasing power for potential home buyers.
To view average home prices based on neighborhood-specific numbers and recent examples of homes sold, visit Average Ottawa home price up 17 percent in February | CTV News.
For more real estate news and to keep up-to-date with the current real estate market, visit XLR8 Realty’s website.
