Multi-Unit Residential Market, May 1, 2023: There have been 30 sales of Income Properties in Ottawa in April, 2023. 28 sales were smaller buildings, down 30% over April, 2022 and 2 sales were larger buildings with 5 or more units, down 84.6%.
The average price for a smaller income property in Ottawa is now $931,179 down 10.8%, these include Double, Duplex, Triplex and Fourplex buildings.
The average price for a larger multi-unit building is $1,367,500 down 38.5% over last year. These include buildings with 5 or more apartments in them.
How long are Income Properties taking to sell?
Smaller Duplex, Triplex and Fourplex properties are taking 76 days to sell in 2023 versus 43 last year. Larger buildings with 5 or more units are taking 70 days to sell, versus 86 days last year. We are reporting cumulative days on market which is more accurate.
How much did sellers get as a % of their list price?
Smaller buildings with 2-4 units achieved 97% of their list price and Larger buildings are selling for 94% of their list price.
History of Smaller Multifamily Prices
Year
Buildings with 2-4 Units
2007
$362,138 down 8.5%
2008
$380,040 up 4.9%
2009
$442,676 up 16.5%
2010
$493,169 up 11.4%
2011
$546,511 up 10.8%
2012
$556,136 up 1.8%
2013
$612,410 up 10.1%
2014
$600,095 down 2%
2015
$640,067 up 6.7%
2016
$657,974 up 2.8%
2017
$695,837 up 5.8%
2018
$701,591 up 0.8%
2019
$800,071 up 14%
2020
$894,041 up 11.7%
2021
$1,043,751 up 16.7%
2022
$1,038,839 down 0.5%
History of Larger Multifamily Prices
Year
Buildings with 5 or more Units
2007
$660,700 down 17.3%
2008
$823,335 up 24.6%
2009
$784,502 down 4.7%
2010
$878,551 up 12%
2011
$1,290,621 up 46.9%
2012
$1,522,383 up 18%
2013
$1,302,792 down 14.4%
2014
$1,121,626 down 13.9%
2015
$1,417,810 up 26.4%
2016
$1,265,884 down 10.7%
2017
$1,039,403 down 17.9%
2018
$1,461,783 up 40.6%
2019
$1,369,617 down 6.3%
2020
$1,845,815 up 34.8%
2021
$2,749,923 up 49%
2022
$2,162,204 down 21.4%
Want to keep an eye on the Market?
Each month we update you with all the stats for Multi-Unit Residential Buildings, which include Duplex, Triplex, Fourplex and Larger Apartment Buildings with 5 or more Units in them. Visit this page each month for the newest video and report.
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Want to buy or sell any type of Investment Property and want to work with an experienced agent, get in touch, contact Patrick Walchuk for a free consult
