Ottawa’s 2022 Real Estate Market is starting off this year very strong!
936 residential properties were sold in the month of January, compared to 963 sold in January 2021.That’s a decrease of 3%.
“January’s sales, almost identical to 2021’s, were very strong for a traditionally slower month, especially given the frigid temperatures and increased government Covid-19 restrictions we experienced. This increased activity compared to previous years is not solely a pandemic phenomenon. Yes, the pandemic has accelerated market activity in some ways, but pent-up Buyer demand due to the housing supply shortage has been an ongoing fundamental issue for the Ottawa resale market for well over 5 years now – and the price increases will continue to reflect that until the housing stock grows” states Ottawa Real Estate Board President Penny Torontow.
With the low inventory, now is the best time to work with a realtor as we know the day-to-day variabilities Ottawa’s resale market is currently experiencing. Contact Brooke & Jenna if you have any questions or for a free comprehensive comparative market analysis. We are always happy to help!
Source: Ottawa Real Estate Board, www.oreb.ca
Here is a breakdown of January 2022 Ottawa Real Estate Market Numbers: