Downtown Condo Stats - Q1 with Mitch MacKenzie

Compared to 2022, we’ve seen a huge decrease in condo sales. Year to date in 2022, we saw an average of 105 sales per month. In 2023, this number has decreased to 47 sales per month in 2023.

Average sold price is also down. In 2022, the condos in Ottawa were selling for $518,179, which was up $23,465 from 2021! In 2023, however, we’re seeing the average sold price sitting at $508,555. The median sold price is also down, it was $462,500 in 2022, and sits at $453,000 for 2023 thus far.

In 2022, condos downtown took an average of 38 days to sell. In 2023, this number is sitting at 64 days to sell, around 26 days longer.

However, trends are actually moving upwards this year!

If we compare monthly average prices - we can see that one and two bed condos in the downtown core are actually, on average, increasing each month. Two beds have risen from an average of $563,190 in January to $610,948 in March. For one beds, from $394,308 to $419,742! These monthly averages are also looking higher than last year. For example, March 2022’s average is $588,943, but was $610,948 in 2023!

We are currently in a sellers market. We can see this by looking at the number of sales we had last year, which works out to 81 condos sold per month. We currently have 178 active condo listings, as of April 11th. 178 divided by 81, works out to 2.19 months of inventory. 0-3 months of inventory is considered a sellers market, because there is limited inventory, so buyers have to work harder to get the properties that they want!

With that said, however, we are actually seeing a smaller number of buyers than on average due to higher interest rates. A lot of potential buyers have been forced out of the market, and have to wait until rates drop before they have enough buyer power. Because of this, we are actually seeing a more balanced market than we usually would with this level of inventory - there aren’t that many sellers, but there are also way less buyers.

Residential sales (Detached, Semi-Detached & Townhomes) saw unit sales in 2022 down 24.8% vs 2021 but prices were up 7.0% combined.

Condominium unit sales were also down -24.1% and our prices combined between the three styles below were up 8.9%.

● Detached - $820,268 (+6.5% vs LY)

● Semi-Detached - $714,284 (+8.0% vs LY)

● Townhome - $656,601 (+8.1% vs LY)

● Condo Townhome - $460,782 (+9.9% vs LY)

● Stacked Condo - $450,961 (+9.8% vs LY)

● Apartment Condo - $449,242 (+7.2% vs LY)

Finally, to compare 2022 to the first few months of 2023:

2022

● Detached - $820,268 (+6.5% vs 2021)

● Semi-Detached - $714,284 (+8.0% vs 2021)

● Townhome - $656,601 (+8.1% vs 2021)

● Condo Townhome - $460,782 (+9.9% vs 2021)

● Stacked Condo - $450,961 (+9.8% vs 2021)

● Apartment Condo - $449,242 (+7.2% vs 2021)

2023 (Jan-March)

● Detached - $746,650 (-8.97% vs 2022)

● Semi-Detached - $675,614 (-5.41% vs 2022)

● Townhome - $598,073 (-8.91% vs 2022)

● Condo Townhome - $420,057 (-8.83% vs 2022)

● Stacked Condo - $414,217 (-8.14% vs 2022)

● Apartment Condo - $408,198 (-9.13% vs 2022)