This week, the September numbers are back. So we're going to do our monthly Ottawa market update.

Like always, we're going to look at this September over September last year.

What makes it so interesting is that the prices actually peak last September. So this is a good picture of what we're looking like year over year.

Next, you're going to see a massive decrease in units sold, but I'm going to explain why that is in a bit.

Then you'll see a slight decrease in sold to list price, and a slight increase on days on market.

So when we're looking at the average price of homes sold, what we're going to see happening is a little bit different from what we have seen last few months. After home prices peaked in the spring, we saw demand steadily decline, which also saw the prices fall. But with the home prices fall, we now see a new surge in demand, causing the prices to go up again. If you remember in my last couple of blogs in the market, we talked about how the prices went up so sharply and we were seeing a sharp decline. Whereas now we're finally starting to see that equilibrium.

We can take a look at the average price of detached homes versus the average price of townhomes side by side.

So you guys get a better picture of what's going on. So taking a look at the detached homes, we can see that the prices peaked at $706,000 in March, and they dropped down to $628,179. In July, they made a rebound now sitting at $651,953 for September.

So townhomes also saw the prices peak in March at $573,341. They had the low point in August at $528,031. And now they've rebounded sitting in September at $546,188.

So before we take a look at units sold, I want to address something that I'm starting to hear every day. And that is the market is really slowing down. And if you look at the decrease of units sold in September 2021, versus whatever 2020,

you might get the idea of the same thing seeing a massive decrease of 27%. So when we actually take a look at the numbers year over year, you'll see that 2020 was actually the one year off and that we are perfectly on par with how things should be happening in the Ottawa market.

Now, this is a point I want to take an extra second on because the panic buying and the panic selling are what's causing the price to fluctuate so much. For me, this is actually great news because as the markets normalizing becomes easier to follow the trends and predict what's coming in the future.

Another graph that shows us really well is actually the sold to asked ratio.

Taking a look at this, we can see that the average home was selling for about 102% of the asking price in December of 2020. And it peaked all the way up at 112% of the asking price in March. And now we're back at 102% of the asking price in September.

One thing to note though, when looking at this, although it may look like things have slowed down and normalized, all these prices are over 100% of the asking price. So you can't forget that we're still in a very hot seller's market.

When taking a look at the days on market in the last 12 months, we're seeing the most days, the market we had was 29.

And the last days on market were 11, putting us where we are now at 21 right in the middle. So even though at 21 days, homes are taking on average an extra 10 days to sell than they were in the spring.

If you take a look at the average days on market in the last five years, you'll see that they in fact have never been lower. And so I do expect the average days on market to continue to increase for the rest of the year. But looking at this graph, you'll see that's what happens every year.

So in summary, I guess I have a little bit of good news and a little bit of bad news. The good news is guys, the Ottawa market is finally starting to equalize and becoming more predictable. The bad news is, no we're not looking like we're going to crash anytime soon.