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OTTAWA REAL ESTATE MARKET UPDATE – SEPT 20TH 2023 – HOMES FOR SALE IN OTTAWA -HOMES FOR SALE IN KANATA – HOME PRICES IN OTTAWA

September 20th, 2023

The average sale price for a freehold-class property in August 2023 was $709,739

Ottawa Resale Market Stalls in August, Supply Challenges Persist!

Low inventory, not enough listings.

Source: OREB

The Ottawa Real Estate Board reported that its members  sold 1,196 residential properties in August through the Board’s Multiple Listing Service® (MLS®) System data service, compared with 1,130 in August 2022, an increase of 6%. August’s sales included 903 in the freehold-property class, up 7% from a year ago, and 293 in the condominium-property category, a 2% increase from August 2022. The five-year average for total unit sales in August is 1,525.

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“Ottawa Sales activity was up marginally on a year-over-year basis in August but remained well below the historical average for this time of year,” says Ken Dekker, OREB President. “There is no shortage of demand given increased immigration and the large Canadian population cohort entering the market. The lack of suitable, affordable housing is a hindrance. High borrowing costs and economic uncertainty are impacting both sellers and buyers, which we expect will continue to result in further market fluctuations.”

 

Ottawa Real Estate Average Prices*:

  • The average sale price for a freehold-class property in August was $709,739, an increase of 0.5% from 2022, and a 5.6% decrease over July 2023 prices.
  • The average sale price for a condominium-class property was $425,968 an increase of 1% from a year ago, although 1.4% lower than July 2023 prices.
  • With year-to-date average sale prices at $732,220 for freeholds and $432,571 for condos, these values represent an 8% decrease over 2022 for freehold-class properties and a 5.5% decrease for condominium-class properties.

 

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Price changes: September  2023 report

Number of Sold properties by week. vs other years   2023 report

NUMBER OF HOME FOR SALE ARE LOWER THAN OTHER YEARS

 

AVERAGE SALE Price Changes: SEPT 2023 report

IT LOOKS LIKE 2022 AND 2023 HAVE THE SAME AVERAGE SALE PRICE

 

RESIDENTIAL Price Changes: September  2023 report

LOW NUMBER OF LISTINGS, LOW SALE VOLUME 2023

 

NEW LISTINGS are down this week – this means low inventory : SEPT 2023 report

IT LOOKS LIKE WE ARE STILL LOW ON LISTINGS

 

 

 

 

PRICES ARE MORE AFFORDABLE NOW AND MAY MOVING BACK UP IF INVENTORY STAYS LOW, ACCORDING TO THE OTTAWA REAL ESTATE BOARD, SEPT 2023 REPORT.