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.
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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.
Rent and move into this Stunning Contemporary Townhome in Avalon West! Welcome to this beautiful 3-bedroom, 3 bathroom townhouse, perfectly designed for modern living. The open concept main floor features a sleek chef's kitchen, perfect for culinary delights. The second floor offers a convenient laundry room and three spacious bedrooms. Enjoy the benefits of a family-friendly neighborhood with parks, stores, schools, recreation facilities and transit nearby. Don't miss out on this incredible opportunity to own a contemporary townhome in Avalon West! Equifax Credit Report, Recent Paystubs/Employment letter, Rental Application and ID will be required for consideration. Available August 1, 2024. (id:35885)
Wonderful brand new 4 Beds, 2.5 Bath Home in a popular family-friendly neighbourhood of Half Moon Bay! Spacious Foyer leading to Sun-Filled Living & Dining Area, open concept first floor plus main floor Den. A spacious kitchen with walk in pantry & generous counter space/cabinetry for the home cook! 2nd Level complete with a Large Primary Bedrm w/3pc Ensuite feat. Modern Glass Door Shower. 3 Additional Bedrms & Full Bath complete Upper and convenient laundry as well. Finished BSMT hosts REC RM and tons of storage. Wonderful Neighbourhood close to Excellent Schools, Parks, Transit, Shopping, Minto REC Centre, Stonebridge Golf Course, Nature Trails & More! 24 hours irrevocable on the offers. (id:35885)
WOW! HOW ABOUT AN END UNIT TOWNHOME ON A MASSIVE PIE SHAPED LOT. This is the one! Located on a quiet street in a family-oriented neighborhood in Fallingbrook. This 3 bedroom, 2.5 bath townhome has it all. The sun filled main floor consists of a large Livingroom, dining room and galley kitchen with eat in area that leads to a generous fenced in back yard with large deck and gazebo for all of those memorable family and friend get togethers. The second level consists of a primary bedroom with walk in closet and 4pc ensuite as well as 2 more generous sized bedrooms and 4pc bath. The fully finished lower level has a large family room with wood burning fireplace. Lower-level laundry. Great location minutes from parks, SCHOOLS, restaurants, shopping and future LRT. (id:35885)
Rarely offered, Approx. 2300+ sq. ft. (Finished Area), Corner-End Unit townhome in Blackstone. Great location on a corner lot directly across from Blackstone Park this home features a beautiful wrap around porch. The main floor features rich hardwood floors and a bright open concept design that is great for entertaining. The spacious kitchen features tile flooring, dark cabinets, a breakfast bar and stainless steel appliances. The large master suite features a beautiful 4 piece ensuite and a spacious walk in closet. Also upstairs, 3 additional well appointed bedrooms and a large full bathroom. The basement is fully finished and features a large space perfect for a rec room or play room. Roughed in for a fourth bathroom. The large fully fenced private backyard, no rear neighbor access, is perfect for any family includes large deck Conveniently located near shopping, transit, and recreation, this home is a must see! (id:35885)
Link to drone footage and virtual tour below. Marvelous property in a prime neighborhood! Paved driveway with interlock and an epoxy two car garage await the new owners. This home welcomes us into an expansive living area, with dining area that can seat up to 12 people. It extends to the living room with classic coffered ceilings and an inviting gas fireplace. To the right is the kitchen with granite countertops and modern appliances. Hardwood floors can be found throughout the main level. The second level is exemplary. The first room we enter is the family room, right away we can see the cathedral windows and as we look up the vaulted ceilings really open up the space. This room could be an entertainment area or an optional guest bedroom with balcony. Double doors lead to the primary bedroom, with a generously sized walk-in and a 4-piece ensuite equipped with a Roman tub. The laundry is conveniently located on the upper level. Backyard is spacious and scenic. Welcome to luxury (id:35885)
This lovely home is situated on a peaceful, tree-lined street. It boasts abundant natural light and high ceilings. The sunny kitchen features ample cabinetry and an open concept design with stainless steel appliances connected to the TV room, which includes a gas fireplace. The spacious living or office area and dining room provide ample space for entertaining family and friends. Upstairs, you'll find a large master bedroom with a walk-in closet and a full ensuite bathroom. There are also two other spacious bedrooms and another full bathroom. The backyard serves as your private oasis, featuring a large two-level deck with two sets of wide stairs, a gazebo, and a hot tub. With no rear neighbors, the yard offers excellent privacy. Recent updates include hardwood floors (2021), new light fixtures (2024), a new electrical panel (2024), quartz countertops in the kitchen and bathrooms, a new master bedroom window (2021), and fresh paint (2023). (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)
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)
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)
Experience breathtaking views of the Ottawa River and Ottawa Valley from 834 Storyland Road! This enchanting split-level home boasts an abundance of windows and an elevated, oversized patio with Duradeck flooring, providing ample space to entertain friends and family. The spacious living room, featuring a stunning stone fireplace and access to the huge patio, will become your favorite spot to relax and take in the scenery. The main level offers 3 bedrooms, a bright laundry/utility room, a well-appointed kitchen, a dining room with built-in cabinetry, and a main bathroom. The lower level includes a cozy family room with a pellet stove, a 2-piece bath, and a patio door leading to the backyard. Additionally, there is an inside entry from the garage to this lower level. Set on a beautifully lush and private lot, this well-maintained home is just 10 minutes from Renfrew. Start making memories here! 24-hour irrevocable on all offers, no offers on Sundays. (id:35885)
A lovely detached home located in beautiful Chapel Hill South, built by Minto, features an office at main floor, 4+1 bedrm, and 4 baths (2 4-pc and 2 2-pc), a porch, a double garage & a private backyard. The spacious property is close to RioCan Shopping Centers including Walmart, FoodBasics, BestBuy, and more. Conveniently near main roads with direct access to Highway 417. The entrance is grand with high ceilings, and the first floor is adorned with hardwood and tile flooring, including a living rm, dining area, kitchen, family rm, and an office, all well-lit with natural light. Upstairs are four carpeted bedrms. The master bedrm is with a walk-through closet and a newly renovated 4-piece ensuite. The other 3 bedrms share a dual-sink 4-pc main bathrm. The fully finished basement includes a partial bath, a large recreation,an extra bedrm, well-equipped workshop. The surrounding community offers 3 schools, 4 parks, gyms, cinemas, … meeting all your leisure needs. MUST see it (id:35885)
Built in 2023, this Claridge Cumberland model shows beautifully with over 50k in upgrades along with quality finishings throughout. The main and second floor features 9’ ceilings, upgraded doors, smooth ceilings, basement ceilings height has been increased. The inviting foyer /w double closet leads you to the living room with double sided fireplace, elegant dining room, bright chef’s kitchen with walk-in pantry and stainless steel appliances, and is open to the family room for easy entertaining. On the upper level, you will find a loft area, a large primary bedroom with luxury ensuite, main 4 pc bathroom, laundry, and 3 other good sized bedrooms. The lower level features a large rec room, 3 pc bath, and additional storage. Close to many amenities including schools, parks, shopping, transit, and recreation. (id:35885)
Fantastic townhouse offering 3 bedrooms, 2.5 bathrooms located in a niche suburb minutes away from downtown, the 417, shopping, dining, and recreation. Three levels of finished space plus a landscaped backyard extending the seasonal living space with no rear neighbours. Premium finishes include hardwood flooring, berber carpets, updated white kitchen with extended pantry, and 3pc bathroom in the fully finished basement. Parking for 2 vehicles in the laneway plus single car garage. Includes all the appliances: Refrigerator, Stove, Dishwasher, Hood-Fan, and in unit Washer/Dryer. Tenant is responsible for all utilities: Water, Hydro, Gas, HWT Rental Fee, Tenant Insurance - Available early August 2024. Photos taken prior to current tenant's occupancy. (id:35885)
Welcome to 655 Bronze Copper Cres located in Richmond Meadows. Mattamy's new family-oriented neighbourhood located in the Village of Richmond.This stunning 4Bed-3/full Bath-1/half bath detached home is NEW construction*Move-in February 2025*.Be the first family to enjoy living in Mattamy's WINTERGREEN model. Step in from the inviting front porch into the spacious main floor open-concept layout designed for entertaining & everyday living/dining w/9’ceilings & large windows w/natural light.Open to the kitchen w/eat in area,island w/breakfast bar, mudroom w/pantry & inside access to the 1 car garage.The 2nd level features,railings in lieu of kneewalls, Primary bedroom w/ensuite-Frameless glass shower enclosure & oversized walk-in closet.3 additional bedrooms, separate laundry room & 3 pcs bath complete the 2nd floor.Basement is fully finished w/3 pcs bath & 2- window. AC & 200 AMP. Photos are a similar home to showcase builder finishes.Upgrades & finishes may differ & are digitally staged (id:35885)
A NICE DEVELOPMENT SITE IN EMBRUN, ON NOTRE DAME STREET. THIS IS A 60 X 208 LOT, YOU CAN BUILD A STRIP OF UP TO 6 TOWNHOMES; NO PLANS AVAILABLE, BUYER TO VERYIFY WITH THEIR OWN STUDY. EXISTING HOUSE RENTED TO THE SAME PERSON FOR YEARS. SHOWING SUBJECT TO AN ACCEPTED OFFER. (id:35885)
Beautiful townhome with views of Monahan pond and park! A large foyer welcomes you. Enjoy waterviews from your spacious living/dining room with maple hardwood floors. Open kitchen with ample cabinetry with large island/breakfast bar. Enjoy bbqing from the balcony overlooking the pond. Upstairs both bedrooms have waterviews and large closets. Primary bedroom with walk-in closet. Beautiful, modern home that must be seen to be appreciated. Walking trails, schools and shopping nearby! Rental application, credit score and proof of employment/pay stub requirement. (id:35885)
Welcome to 5506 Third Line Rd N in North Gower! This charming brick century home is nestled on a picturesque and private .95 acre lot. Step inside to discover a spacious chef's kitchen, complete with original mouldings and a premium 48" Wolf stove. This kitchen is a culinary dream, offering ample space for cooking and gathering. The home's historic charm is evident throughout, seamlessly blending classic features with modern conveniences. The cozy living room offers a warm and inviting space, perfect for unwinding with family and friends. Upstairs, the four bedrooms and flex space are bathed in natural light, creating bright and airy retreats for rest and relaxation. Outside you'll be greeted by an inviting in ground pool and a spacious fenced backyard, perfect for outdoor entertaining and relaxation! Minutes from the 416, enjoy the best of both worlds with serene country living and easy access to all city conveniences. Don’t miss the opportunity to make this enchanting house your own! (id:35885)
Welcome to Oxford Heights! This unique custom built, bungalow sits on over an acre & is truly one-of-a-kind! Designed completely w/accessibility in mind, this home ensures comfort & ease for all. As you enter, you will find a spacious & open floor plan, w/wide doorways & hallways that accommodate all mobility needs. The bright & airy living areas are perfect for both relaxing & entertaining. The kitchen, dining, & living room flow seamlessly, creating a welcoming & inclusive atmosphere. Whether you're hosting or spending time w/loved ones. The kitchen offers ample storage ensuring you have plenty of space for all your culinary needs, SS appliances, prep sink + more! Incredible fts. extend throughout the home, making daily living convenient & comfortable. The bonus "suite" would be perfect for WFH or in-laws! New metal roof (24), Sunroom, and in-floor heat are just a few of our fav feats. Don't miss this rare opportunity to own a fully accessible home tranquil & friendly neighbourhood! (id:35885)
DARE TO COMPARE!! Within the award winning golf course of Community of Stonebridge lies The Orchard – and exclusive enclave of fine homes. Designed by Barry Hobin and built by Uniform Developments, these homes exude charm and character unlike most others and this 2200SF townhome is proof of that. Site finished hardwood accent a main floor offering 9ft ceilings, a sunken foyer and a stunning modern kitchen designed to bring out your inner chef! The second floor offers 3 bedrooms, 2 full bathrooms & laundry room plus enjoy more fabulous living space in the builder finished basement. Setting this home apart from the rest is the extra deep back yard with composite deck, manicured gardens, PVC fencing and perfect sun exposure. Extra clean, one owner home in Barrhaven's most exclusive community - this home will not disappoint! (id:35885)
AVAILABLE IMMEDIATELY! Discover this 3 bedroom townhome in the popular neighborhood of Morgan Grant, Kanata. Bright & spacious open concept main floor with lots of natural light. Kitchen boasts, breakfast bar island, ample cabinetry, modern backsplash & Stainless Steel appliances! Hardwood throughout main level, tile in wet areas. Upstairs a spacious principal bedroom with ensuite and walk-in closet awaits the heads of the household. Two further generous sized bedrooms and main bath complete the level. Work, rest or play in the fully finished basement recreation room. Lower level laundry. Attached 1 car garage & long driveway. Walking just minutes from parks, schools, restaurants, shopping & more! A great home in a great area! Book your private showing today! (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)
