We have just seen a +14% increase since 2023 lowest price. Single family Homes in Ottawa prices Feb 15 2024. Detached 3 bedrooms home just went up +14.6% from 2023 prices.
Ottawa Real Estate Prices for 2024: Prices are going up 1.6% on a year-over-year
The OREB MLS OF Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.
The overall benchmark price was $628,900 in November 2023, nearly unchanged, up only 1.4% from November 2022.
The benchmark price for single-family homes was $708,900, up 1.6% on a year-over-year.
By comparison, the benchmark price for a townhouse was $492,300, nearly unchanged, up 0.8% compared to a year earlier.
The benchmark apartment price was $424,300, up 1.2% from year-ago levels.
The average price of homes sold in November 2023 was $633,138, decreasing 0.8% from November 2022. The more comprehensive year-to-date average price was $669,536, a decline of 5.7% from 11 months of 2022.
The dollar value of all home sales in November 2023 was $458.4 million, down 2.4% from the same month in 2022.
OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
LOW INVENTORY IN THE OTTAWA REAL ESATE MARKET JAN 2024
Still plague Market and causes prices to increase once again.
The average price of homes sold in
November 2023 was $633,138, decreasing
0.8% from November 2022.
OTTAWA, December 5, 2023 – The number of
homes sold through the MLS® System of the
Ottawa Real Estate Board totaled 724 units in
November 2023. This was a small reduction of
1.6% from November 2022.
Home sales were 31.8% below the five-year
average and 27.4% below the 10-year average
for the month of November.
On a year-to-date basis, home sales totaled
11,421 units after 11 months of the year. This
was a large decline of 11.7% from the same
period in 2022.
“Sales are performing as expected with the
arrival of colder months, and an uptick in new
and active listings is bringing more choice back
into the market,” says OREB President Ken
Dekker. “While more choice may mean the pace
of buying and selling has slowed, that doesn’t
mean people looking to enter or upgrade in the
market should sit back. Prospective buyers or
those looking to upgrade have an opportunity
to collaborate with their REALTOR® to carefully
explore the market, identify the ideal property,
and negotiate an attractive deal at their
own pace. Sellers will have to manage their
expectations regarding the quantity of offers and
speed of transactions, and their REALTOR® is
the best resource to help them confidently price
and prepare their home for a quality sale.”
By the Numbers – Prices:
The MLS® Home Price Index (HPI) tracks price
trends far more accurately than is possible
using average or median price measures.
•
The overall MLS® HPI composite
benchmark price was $628,900 in
November 2023, a modest gain of 1.4%
from November 2022.
o The benchmark price for single-family
homes was $708,900, up 1.6% on a
year-over-year basis in November.
o By comparison, the benchmark price for
a townhouse/row unit was $492,300,
nearly unchanged, up 0.8% compared
to a year earlier.
o The benchmark apartment price was
$424,300, up 1.2% from year-ago
levels.
•
The average price of homes sold in
November 2023 was $633,138, decreasing
0.8% from November 2022. The more
comprehensive year-to-date average price
was $669,536, a decline of 5.7% from 11
months of 2022.
•
The dollar value of all home sales in
November 2023 was $458.4 million, down
2.4% from the same month in 2022.
OREB cautions that the average sale price
can be useful in establishing trends over
time but should not be used as an indicator
that specific properties have increased or
decreased in value. The calculation of the
average sale price is based on the total dollar
volume of all properties sold. Price will vary from
neighbourhood to neighbourhood.
By the Numbers – Inventory & New Listings
•
The number of new listings saw a minor
increase of 2.7% from November 2022.
There were 1,428 new residential listings
in November 2023. New listings were 8.4%
above the five-year average and 10.4%
above the 10-year average for the month
of November.
•
Active residential listings numbered
2,752 units on the market at the end of
November, a sizable gain of 15.8% from
the end of November 2022. Active listings
haven’t been this high in the month of
November in more than five years.
•
Active listings were 53.9% above the five-
year average and 6.7% below the 10-year
average for the month of November.
•
Months of inventory numbered 3.8 at the
end of November 2023, up from the 3.2
months recorded at the end of November
2022 and above the long-run average
of 3.3 months for this time of year. The
number of months of inventory is the
number of months it would take to sell
current inventories at the current rate of
sales activity.
Sources : OREB -CREA
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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.
Call today for free one-on-one market update on Buying or Selling a home.
“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.
Thank you for your trust!
Selling and Buying a home made easy!
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.
Rare upper corner unit: 2 bed, 2.5 bath two-storey stacked condo nestled in the heart of Barrhaven! Centrally located with easy access to schools, shopping, groceries, fitness facilities, and transit, all within walking distance. Impeccably maintained and richly upgraded, boasting over 1,400 square feet. Facing west, this unit bathes in natural light, offering captivating sunrise and sunset views. Recently refreshed with new paint throughout (2023). The open concept main level features Brazilian cherry hardwood floors, oak kitchen cabinets, a charming gas fireplace with a marble mantle, and a bay window sitting area in the living room. Enhanced with upgraded pot lights and a renovated powder room (2020). The upper level offers two spacious bedrooms, each with ample closets and its own en-suite bathroom; one bedroom includes a private balcony. Includes one convenient parking space right at your doorstep, with plenty of visitor parking available as well. (id:35885)
Welcome to 3 Bed. & 3 Bath. Executive Townhouse in Stittsville's Blackstone Community! This stunning RICHCRAFT STILLWATER MODEL is sure to impress! Loaded w/ upgrades & designer finishes thru-out. A rare townhome due to it’s immense size. Boasting a massive 2243 sq ft of living space (+finished basement) with an open concept layout, this beauty has it all: stylish exterior, matte distressed hardwood, upgraded cabinets, upgraded quartz counters, chef’s kitchen (extended island 109" x37"), SS appliances, AMAZING LOFT (ideal office/kids play/studdy area) 2nd level laundry. SPRAWLING great room w/ gas fireplace, living/dining rooms, high ceilings, loads of windows. This home lives and feels like a single. Lovely principal retreat with an IMPRESSIVE spa-like ensuite. Extra long & wide driveway(space for 3 car parking), MAINTENANCE-FREE yard, complete landscaping, & a LARGE deck.This home is walking distance to parks, pond, Trans Canada trail, restaurants, grocery & more. Welcome home! (id:35885)
This fantastic row unit is located in a prime spot close to schools, parks, and shopping. It features 3 bedrooms, 2.5 bathrooms, and beautiful hardwood floors on the main level. The dining room is spacious and the gallery kitchen is perfect for cooking up a storm. Upstairs, you'll find 2 bedrooms, a large main bathroom, and a primary bedroom with a walk-in closet and a 4-piece ensuite. The finished basement includes laundry, storage, and a cozy gas fireplace. All wet floors have ceramic tiles for easy cleaning. Recent upgrades include granite counters, waterproof flooring, and new carpet on the stairs. This home also has air conditioning and a private yard. Don't miss out on this modern, upgraded gem that's close to all amenities! (id:35885)
Welcome to the beautiful neighbourhood of Chapel Hill South, close to nature trails, parks bust routes, Innes Road and the Queensway. This single family home has a large living room and dining room a comfortable sunfilled family room and kitchen with separate eating area. The upstairs has three good sized bedrooms and two bathrooms the primary bedroom has an ensuite bathroom. The west facing backyard has full sun exposure and ready for your own backyard oasis. The basement is unfinished and ready to design your own entertainment area, home office etc. (id:35885)
Renovated to include a main level office, this 3-bedroom, 3-bathroom END UNIT condo townhome offers stunning views of Centrepointe Park. Built by Minto, it spans over 2,000 sq. ft., featuring hardwood floors on the main and second levels, laminate floor through out basement. Granite countertops in the kitchen and main bathroom, and more! Located at 108 Stonebriar Dr., it promises privacy, tranquility, and perfection. (id:35885)
Location!! Immaculate & spacious two large bedrooms with one bathroom Condo located directly across from Smyth Transit Station. View of the City & River. This property is minutes away from the General & CHEO hospitals. Close to shopping centers, bicycle paths, train station, LRT with easy access to 417. Rent includes: Hydro, Heat, Laundry(Same floor next to the apt), Water/Sewer, party room, indoor pool, gym, tennis court, sauna, games room and a tuck-shop. Underground Parking P2#197 and Locker P1#13. (id:35885)
Opportunity Awaits. Home has an absolutely fantastic layout, but requires TLC. For a homeowner willing to put the work in, there is opportunity here!! Want an Open Concept living/dining/kitchen with Soaring ceilings and Hardwood floors? What about a primary bedroom with ensuite and walk-in closet? Looking for 3 full bathrooms or a giant lower level recreation room? It's all here, and it's in a great, quiet, neighbourhood close to parks and walking paths. There's inside entry from the garage and main floor laundry. Lower level has 2 more bedrooms (pls take jog into consideration re: second basement bedroom dimensions) and lots of storage space. Come see this property with an open mind! Seller does not warrant any aspect of the property. Offers presented July 9 at 2:00 pm and 24 hours irrevocable required. (id:35885)
Excellent lot for year round residence on Adam Lake. If you know Adam Lake you know why this lot offers a unique opportunity, Adam Lake offers access to the entire Rideau lakes system from a sheltered perspective. This lot rises gently from waterfront to the road. (id:35885)
Great lot with great waterfront! Cottage could be ressucitated if you are looking for seasonal dwelling but it would be a big job, a major renovation is required. Excellent location for a year round dwellling, the lot rises gently from the shore to the road. Adam Lake offers unique access to the Rideau Lakes System take to to investigate the lake if you are not familiar. (id:35885)
Welcome to a contemporary townhouse situated in the peaceful suburbs of Half Moon Bay. This generously sized home features modern design elements, including large windows that fill the space with abundant natural light. The open-plan living areas include a sleek kitchen with high-end appliances and luxurious finishes throughout. With multiple bedrooms, ample storage, and a fully fenced private backyard, this corner unit townhouse offers the perfect blend of comfort and modern convenience. Experience the tranquility of suburban living with easy access to amenities and green spaces, making it an ideal retreat for families or professionals looking for a serene lifestyle.24 hours irrevocable on all offers (id:35885)
FULLY RENOVATED Lower unit in a Beautiful all-brick bungalow on oversized landscaped lot , large bright new huge kitchen "all St/St appliances are new" with quartz countertop.. Bright living and eating area with . Good sized 4 bedroom , the primary bedroom with ENSUITE 3 piece Bathroom + 3 other bedrooms along with a 3-piece main bathroom . new Laundry unit , 1 surface parking spots. GREAT LOCATION ,5 min. to Algonquin college and College Square mall . Quiet family friendly neighborhood close to high ranked schools and playgrounds. Water and Gas are included in rent . (Rental application, credit report, letter of employment +Photo ID + three current pay stubs) . "No Smoking, no pets (id:35885)
Welcome to 2012 Azalea Lane! Stunning 3+1 bedroom home in Orleans, conveniently located near numerous walking trails, parks, and amenities! The main living area boasts gleaming hardwood floors and a spacious galley-style kitchen that opens to a fully fenced, private backyard. The upper level features a large den/living space with a gas fireplace and three generous bedrooms, including a primary suite with an ensuite bathroom and deep soaker tub. The lower level, with its laminate flooring, has been previously used as a bedroom and includes its own ensuite bathroom. Lawn care and snow removal are managed by the landlord. The hot tub has not been used in three years, and the landlord does not guarantee its functionality. If the tenant wishes to use the hot tub, they will be responsible for its maintenance. Applications must include full credit reports, proof of income, and government-issued IDs. (id:35885)
Great starter home , investment property or retirement home. 3 bedroom, 1 bathroom bungalow in excellent location on paved county road. Walk to the North Grenville Municipal Centre, bowling alley, 2 golf courses & Kemptville Mall. Short drive to Colonnade Mall with Walmart, Canadian Tire & more, downtown, local schools & Churches. Easy commute to Ottawa via Hwy. #416 - only 25 minutes to Bayshore. Quick occupancy. Property currently used as a residential property but zoning C3 Highway Commercial offers potential future possibilities. (id:35885)
Welcome to The Charlotte! Ideally located, walking distance to restaurants, shops, parks and transit. Designed for relaxation after a full day at the office or work from home environment. A spacious, open-concept living complete with a primary suite with a spa like ensuite, an additional bedroom flooded with natural light and full-sized den! The terrace is the largest one in the building, great for BBQ's with friends or quiet afternoons enjoying your favourite book. The parking space is ideally located right beside the elevator! The building offers a fantastic range of amenities: rooftop pool, fitness centre, pet wash station, guest suite, outdoor terrace, fire pit, bike maintenance area, games room, party room w/bar! (incl in lease: 1 underground parking & storage locker) (id:35885)
Beautiful end unit! This 4 bedroom/4 bath/private office and finished basement is beautifully maintained & move-in condition. Gorgeous layout w beautiful upgrades throughout, large windows offering loads of natural light. Ideal for entertaining family & friends. Open concept gourmet kitchen w dining room & inviting living room w gas fireplace. Gourmet kitchen offers high-end stainless steel appliances, quartz countertops. The patio door offers access to a private backyard. Private office on the main level with large windows. The 2nd level offers a spacious primary bedroom with ensuite and walk-in closet & natural light. The other 3 bedrooms are generously sized, and with a full bath. Laundry on 2nd level. Finished basement w partial bathroom. Attached car garage & driveway for one car. Unbeatable family oriented location! Close to amenities, access to transit/highway, hospitals, downtown. Pet & smoke free. More photos & video will be posted on Monday. (id:35885)
Imagine coming home to this newly built end-unit townhome on a quiet private street facing a beautiful natural forest. Available for September occupancy, this 2 bed 2 bath home will not be available for long! This home features modern designs and upgrades throughout including hardwood on Main Floor, a Modern Open Kitchen layout, all stainless steel appliances, Quartz countertops throughout, Zebra Blinds Treatment throughout, Central A/C and Heating, plenty of storage and a large walk-in closet in primary bedroom. Located close to all amenities including Groceries, Parks and Recreation Centres, Airport, Schools and Nature Trails. (id:35885)
Discover this beauty! 2-storey home with a double car garage, nestled in the family-friendly neighborhood of Fallingbrook. The spacious, open-concept layout features 4 bedrooms on the second level and 2 bonus rooms in the basement. The main floor boasts gleaming hardwood floors and two living/family areas separated by a cozy fireplace. There’s also a dining area perfect for family gatherings. Enjoy the sun-filled kitchen with picturesque views of your backyard! Upstairs, the expansive primary suite includes a generous walk-in closet and a luxurious 4-piece ensuite with a soaker tub. Additionally, there are three other well-sized bedrooms. The large finished basement, updated with new vinyl plank flooring in 2022, offers ample space for your needs. Located in the heart of Orleans, this home provides everything you need at your fingertips – top-rated schools, parks, dining, and shopping. Offer date: 6pm on July 9. Seller has the right to review/accept pre-emptive offer. (id:35885)
Spacious two bedroom apartment in quiet, newer building in the heart of it all! Minutes from every amenity you could want and steps to the University of Ottawa. This unit features in-suite laundry, hardwood flooring, granite counters, a storage locker and rooftop patio. 48hr irrevocable on all offers as landlord is out of country. Schedule B to accompany all offers. Full rental application, letter of employment/copy of contract, credit report and ID required. No exceptions. Minimum one (1) year lease. (id:35885)
"A beautiful community is a portrait of the people who live there" - Unknown. If you know Lynwood Village, you will understand this sentiment. If you are not familiar with Lynwood Village, allow me to enlighten you... Designed and built by the late Bill Teron, Lynwood Village exemplifies the postwar visionary's idea of community. Lynwood, comprised of wide streets, elegantly simple mid-century modern homes, and a mature landscape, is today what it was intended to be in the late 1950s... A vibrant community where families live and build strong values for the next generation. The sturdy bungalow we are presenting to you is a reflection of the builder's idea. This Teron "Oxford" model is a testament to a visionary plan. The same values that inspired this community live on today. 4 Bedrooms, 3 Bathrooms, a spacious floor plan, a rare 2 car garage and opportunities to "make it your own" are what this home has to offer. 24-hour irrevocable on offers. Some images are digitally staged 😉 (id:35885)
FREEHOLD townhome in the heart of the city. Close to Dow's Lake, Glebe, Little Italy, Dept of Natural Resources & Health Canada. Walking distance to LRT and Carleton University! Loads of upgrades: quartz counters, new backsplash, faucet, sink & new stainless steel appliances in kitchen, quartz counters in both baths, new carpets in the lower and upper level, California shutters and new lighting/pot lights thru-out. High eff furnace '17, Aluminum deck '15, GAF 50yr Roof Shingle '14, Oversized garage w/ insulated door '18. CENTRALLY LOCATED, RARELY OFFERED & MOVE-IN READY (id:35885)
Luxury 1-bedroom plus den (can be the second bedroom) condo at Soho Lisgar - a hotel-inspired building located in the heart of downtown Ottawa! This south-facing unit offers a Spanning 719 sq ft, stunning views and features hardwood floors throughout! The open-concept living, dining, and kitchen area boasts a large island and top-of-the-line appliances, ideal for modern living and entertaining. Enjoy the convenience of a balcony. Soho Lisgar provides exceptional amenities including a 24-seat theatre, well-equipped GYM, a party room with a gourmet kitchen, an outdoor terrace with BBQ & fireplace, a pool, a hot tub and security. Central location with easy access to Parliament, shops, restaurants, LRT station and all downtown amenities. Experience the ultimate downtown living at Soho Lisgar! (id:35885)
Nestled in a prime central location near the Ottawa General, CHEO and shopping centres, our luxury rental building offers and unparalleled lifestyle. Enjoy easy access to public transportation and the Queensway, while indulging in the amazing features and amenities. Relax and socialize on the roof-top terrace, perfect for sunbathing and relaxing, prepare a favorite BBQ recipe at the outdoor dining and BBQ area. Stay active in the fitness centre and yoga room, unwind in the lounge area or find inspiration in the dedicated co-working space. Stainless steel appliances, in-suite laundry, Bell Fibe internet, window coverings and storage lockers are all included. Underground parking spot can be included for $170 per month. Some photos are for illustration purposes only and floorplan may vary slightly. (id:35885)
Nestled in a prime central location near the Ottawa General, CHEO and shopping centres, our luxury rental building offers and unparalleled lifestyle. Enjoy easy access to public transportation and the Queensway, while indulging in the amazing features and amenities. Relax and socialize on the roof-top terrace, perfect for sunbathing and relaxing, prepare a favorite BBQ recipe at the outdoor dining and BBQ area. Stay active in the fitness centre and yoga room, unwind in the lounge area or find inspiration in the dedicated co-working space. Stainless steel appliances, in-suite laundry, Bell Fibe internet, window coverings and storage lockers are all included. Underground parking spot can be included for $170 per month. Some photos are for illustration purposes only and floorplan may vary slightly. (id:35885)
Nestled in a prime central location near the Ottawa General, CHEO and shopping centres, our luxury rental building offers and unparalleled lifestyle. Enjoy easy access to public transportation and the Queensway, while indulging in the amazing features and amenities. Relax and socialize on the roof-top terrace, perfect for sunbathing and relaxing, prepare a favorite BBQ recipe at the outdoor dining and BBQ area. Stay active in the fitness centre and yoga room, unwind in the lounge area or find inspiration in the dedicated co-working space. Stainless steel appliances, in-suite laundry, Bell Fibe internet, window coverings and storage lockers are all included. Underground parking spot can be included for $170 per month. Some photos are for illustration purposes only and floorplan may vary slightly. (id:35885)
Average prices have increased by 13.9% in four months!
Low inventory, not enough listings.
Source: OREB
May 2023, Ottawa Real estate Market update.
NUMBERS SOLD: The members Ottawa Real Estate Board (OREB) sold 1,488 residential properties in April through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,876 in April 2022, a decrease of 21%.
SALES NUMBERS DOWN: Sales included 1,156 in the freehold-property class, down 18% from a year ago, and 332 in the condominium-property category, a decrease of 29% from April 2022. The five-year average for total unit sales in April is 1,739.
RESALE UPWARD TREND: “Ottawa’s resale market is on a steady upward trajectory, narrowing the comparison gap to peak pandemic activity in 2022.
LOW INVENTORY – NOT ENOUGH NEW LISTINGS: New listings not keeping pace, the available housing stock is declining, and with less than two months of inventory — “we’re back into seller’s market territory,”says Ottawa Real Estate Board President Ken Dekker.
By the Numbers – Average Prices*:
Average prices have increased by 13.9% in four months since the market low in December 2022.
The average sale price for a freehold-class property in April 2023 was $747,123, a decrease of 10% from 2022. However, it marks a 5% increase over March 2023.
The average sale price for a condominium-class property was $435,875, decreasing 8% from a year ago, but still a 4% gain over March 2023.
With year-to-date average sale prices at $718,633 for freeholds and $421,722 for condos, these values represent a 13% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.
“Upward pressure on sales prices continues with average prices increasing for the fourth month since the market low in December.
MULTIPLE OFFERS: Additionally, multiple offer situations have returned to certain neighbourhoods and overall days on market are maintaining their downward trend. There continues to be low inventory in certain property classes and new product is coming to the market at a slower rate, which is affecting supply.”
By the Numbers – Inventory & New Listings:
April’s new listings (2,144) were 25% lower than April 2022 (2,843) and up 3% from March 2023 (2,089). The 5-year average for new listings in April is 2,575.
Months of Inventory for the freehold-class properties has increased to 1.9 months from 0.9 months in April 2022 but down from 2.3 months in March.
Months of Inventory for condominium-class properties has increased to 1.9 months from 0.8 months in April 2022, although down from 2.1 months in March.
Days on market (DOM) for freeholds decreased from 34 to 27 days and 39 to 33 days for condos compared to last month.
“These numbers are static, snapshots in time. REALTORS® can give buyers and sellers a fulsome day-to-day picture of how the market is shifting and heating up this season. They have their fingers on the pulse of each neighbourhood in the city and can help buyers and sellers make localized, strategic, data-informed decisions.”
REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 2,151 properties compared to 1,786 last year at this time, an increase of 20%.
* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
Call today for free one-on-one market update on Buying or Selling a home.
Thank you for your trust!
Selling and Buying a home made easy!
Price changes: May 2023 report
Price Range Sales volume: May 2023 report
CONDOS Price Changes: May 2023 report
RESIDENTIAL Price Changes: May 2023 report
NEW LISTINGS are down this week – this means low inventory : May 2023 report
When inventory is low, prices go up. Look at the light blue line, slowly moving upwards, as we get more listings on the MLS market, but not as 2022 volume.
660 listed properties this week, compared to 2022 of 800-1000 listings range.
Low supply means only one thing…prices go up!
RESIDENTIAL AND CONDO Price Changes: May 2023 report
Look at the light blue line, slowly moving upwards in Sale Prices.
PRICES ARE MOVING BACK UP ACCORDING TO THE OTTAWA REAL ESTATE BOARD, MAY 2023 REPORT.
Residential in Ottawa Real Estate shows -15% Down from last year Average price – However,it marks a 5% increase over January 2023.
Resale Market Stabilizes in February with a Glimmer of Hope for Buyers and Sellers Alike!
OREB NEWS
March 3, 2023
Members of the Ottawa Real Estate Board (OREB) sold 855 residential properties in February through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,411 in February 2022, a decrease of 39%. February’s sales included 633 in the freehold-property class, down 42% from a year ago, and 222 in the condominium-property category, a decrease of 31% from February 2022. The five-year average for total unit sales in February is 1,157.
“We’re going to see declines in transactions and prices when we compare current figures to last February — the height of the pandemic resale market activity,” says Ottawa Real Estate Board’s President Ken Dekker. “On the other hand, with the Bank of Canada holding interest rates steady, prospective buyers have more budget certainty to work with as we head into the spring market.”
By the Numbers – Average Prices*:
The average sale price for a freehold-class property in February was$708,968, a decrease of 15%from 2022.However,it marks a 5% increase over January 2023.
The average sale price for a condominium-class property was $410,927, decreasing 12% from a year ago.
With year-to-date average sale prices at $695,086 for freeholds and $411,449 for condos, these values represent a 14% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.
“The average price increase for freeholds over January could be an indicator that buyers have normalized to the current interest rates. And perhaps, it’s a glimmer of more activity to come in the months ahead.”
By the Numbers – Inventory & New Listings:
Months of Inventory for the freehold-class properties has increased to 2.8 months from 0.7 months in February 2022.
Months of Inventory for condominium-class properties has increased to 2.5 months from 0.7 months in February 2022.
February’s new listings (1,366) were 22% lower than February 2022 (1,762) and up 3% from January 2023 (1,323). The 5-year average for new listings in February is 1,632.
Days on market (DOM) for freeholds decreased from 43 to 37 days and 47 to 43 days for condos compared to last month.
“A decrease in the days on market, paired with fewer new listings entering the market, is good news for sellers,” says Dekker. “However, if that trend continues to impact our supply stock and we don’t get more inventory, our otherwise balanced market could swing back into seller’s territory — but it’s too early to predict.”
“The best advice for sellers and buyers in today’s market is to pay close attention to the comparison and competition insights only a REALTOR® can offer. Ottawa is made up of many micro-markets, and neighbourhood-level data is vital to standing out and closing deals.”
REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 995 properties compared to 800 last year at this time, an increase of 24%.
Details:
Average Sale Price February 2023= from $708,172 down to $620,088 (-12.4% down)
Quantity of sales: 2471 down to 1513 in Feb 2023 (-38% down)
CDOM= Re-listed : Days on Market from 27 to 69 days ( more days on market: +42 days)
DOM= Days on Market – from 19 days TO 44 days longer in 2023 ( more days on market: +25 days)
