Ottawa Real Estate Market Update - February 2022

Ottawa's resale real estate market continues to be strong, especially in the residential resale market where there were strong sales along with double-digit average sale price increases in that specific market, limited supply of listings and constant, increased buyer demand.

This is what happened in February.

Increased New Property Listings Continued

• Residential resale increased by 17% with 1,392 new listings available in the market compared to 1,190 listings tha existed in February 2021. While new condo listings decreased by 4% with 370 new listings compared to 385 new listings the same month in 2021. 

Continued Stable Sales In Residential Resale Market 

• 1,095 residential resale properties were sold compared to February 2021 where 1,023 properties were sold, a 7% increase.  

• Residential resale properties were sold quickly on average from 19 days to 17 days on the market, which is about 12% decrease from February 2021. 

• Most residential resale properties were sold above $600,000 to over $1,000,000 price range which accounted for about 86% of residential resale property sales.

• Buyers purchased mostly: 
  • Two-storey properties - average sale price - $871,994 (previously $744,506 in February 2021)
  • Bungalows (1-storey) - average sale price - $778,775 (previously $670,006 in February 2021) 

• Most of the residential properties were purchased in:
  • Kanata/Nepean - average sale price - $876,803 (previously $725,952 in February 2021)
  • Downtown/Central Ottawa - average sale price - $905,496 (previously $809,045 in February 2021)
  • Orleans - average sale price - $738,116 (previously $661,090 in February 2021)
  • Casselman/Hawkesbury/Rockland - average sale price - $655,293 (previously $527,848 in February 2021)

Continued Reduced Sales In Condo Resale Market 

• 326 units were sold compared to 362 units sold in the same month in 2021, a 10% decrease. 

• Similar to the residential resale market, condos sold quickly on average from 31 days to 26 days on the market, which is about a 18% decrease from the same month in 2021.

• Most condo units were sold in the $300,000 - $550,000 price range, accounting for 72% of the condo sales.

• Despite lower condo sales compared to February 2021, the most sold condos were:  
  • 2-storey properties - average sale price - $494,974 (previously $431,508 in February 2021)
  • One-level units - average sale price - $445,310 (previously $393,352 in February 2021)

• Most of the condos purchased were in:
  • Downtown/Central Ottawa - average sale price - $478,330 (previously $415,186 in February 2021).

Other Real Estate Trends 

• 15 districts in Ottawa sold residential resale properties that were priced on average for $1 million and over. (see first blue table graphic below for details). 

• Districts in Ottawa that had significant average sale price increases of at least 30% and above from February 2021 to February 2022 were: Alta Vista; Beckwith Township; Billings Bridge/Riverside; Britanna Heights; Carp; County Place/ Pineglen/ Crestview; Dunrobin; Fitzroy Harbour; McKeller Heights; Mooney's Bay/Carleton Square, and Ottawa West/Tunney's Pasture (see table graphics below for details).

Source: James Bagnall, Average house sale price in Ottawa hits record high, Ottawa Citizen, @JamesBagnall1,

March 3, 2022