Condo Price Review with Mitch MacKenzie
We spoke with our agent, Mitch MacKenzie, about condo prices in Ottawa this year.
Mitch broke down the basics for us:
The Average Condo Price 2022 (Jan-June) was $515,930, which is up $33,801 vs last year.
The Average Time To Sell 2022 (Jan-June) was 33 days, which is 5 days faster vs last year.
Mitch explains that the gap between properties with condo fees versus those that are freeholds is large and continuing to grow.
Because of this, he believes that condo prices will continue to maintain their value going forwards, as the demand for them will not be reduced. They are the only ‘affordable’ entry point into the housing market for many people, meaning that there will always be a steady market of people looking to purchase them to begin building their equity.
He also notes that the above graphs are not neighbourhood or building-specific - meaning that just like the suburbs, some areas will do better than others, and are impacting the statistics either positively or negatively.
Mitch says we are sitting at 1.74 months of inventory - meaning that we have extremely low inventory, and competition will keep prices high throughout the rest of this year.
To learn more about what housing inventory means, check out our blog post on the subject: HERE
Meet Mitch MacKenzie
Mitch is a seasoned agent on our team with a passion for the numbers and trends that define our housing market. Stay tuned for more analysis from him in the coming months!
Mitch@NewPurveyors.com
613 282 9441
