May residential resales in Ottawa falls below expectation: OREB

The Ottawa Real Estate Board (OREB) says the number of residential resales during May in the capital fell short of expectations.

According to OREB, board members sold 1,846 residential properties in Ottawa in May 2022, which marks a 19 per cent decline from sales during the same period last year.

May traditionally is the highest performing month for resales — the five-year average for total unit sales in May is 2,031.

OREB president Penny Torontow told The Sam Laprade Show with guest host Derick Fage on Monday, June 6 this indicates the Ottawa resale market is moving away from the high rates seen in 2021.

“If rising interest rates, cost of living, and inflation aren't enough factors to cause a pullback, the powerful and deadly storm that brought our city to its knees last month has justifiably impacted the market as well,” Torontow said. 

Data also shows there was a sharp decline in new listings, with a corresponding increase in suspended or cancelled listings in the wake of the May long weekend severe storm.

Meanwhile, the average sale price for condominium-class property in May was $472,920, with the average sale price for a residential-class property pegged a $802,393.

While average prices are still higher than in 2021, Torontow adds there are signs of prices adjusting to the pace of the market, with a two per cent month-over-month decrease in both property classes.

Listen to the full interview with Penny Torontow below: