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.
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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.
Thank you for your trust!
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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.
OPEN HOUSE SUN JULY 7TH 2-4 PM! Stunning Bungalow with high-end upgrades.Open concept living/dining room featuring a cozy gas fireplace, large windows with Zebra blinds & an abundance of natural light.Kitchen is a chef’s dream,boasting high-end stainless steel appliances,a gas stove, ample cabinetry,Quartz countertops & plenty of counter space.Main floor offers 3 spacious bedrooms, ideal for family living.The primary bedroom includes a W.I.C and a private 5-pc en-suite with a soaking tub & separate shower.2 additional bedrooms on the main floor are perfect for guests or a home office.The basement features a grand family room, ideal for gatherings & relaxation, along with an additional bedroom,a full bath, & ample storage space.Home also includes an air exchanger for enhanced indoor air quality.Located in the heart of Rivière Nation Estate, this home is close to schools, parks, shopping & dining, with all amenities nearby & just 30 minutes from Ottawa.24 hrs irrevocable on all offers. (id:35885)
Welcome to this 2021-built Richcraft End-Unit townhouse, with a private driveway in highly desirable community of Riverside South! This home is minutes from schools, parks, Riverview Bus Station and many other amenities. This home features 3 bedrooms and 3 bathrooms with open living spaces and high-end finishes throughout. The main floor features hardwood and ceramic all around and a kitchen with quartz counters, stainless steel appliances and an oversized sink. 2nd level features 3 large bedrooms, upstairs laundry, and a luxurious ensuite bathroom! Fully finished basement boasts a massive ecreation room for many potential uses. Fully fenced backyard provides tons of privacy to you and your family! Pictures are clicked before current tenants moved in! Prefer no pets! (id:35885)
Welcome to 313 Wood Acres Grove! This Gorgeous END UNIT by Tartan Homes, Diamond Model boasting 2,171 sq.ft. sits on a large lot in the family-friendly neighbourhood of Findlay Creek, which is close to tons of shopping along Bank St. & South Keys, great schools, walking/biking paths, & more! This home features hardwood floors throughout main level and staircase, with an open concept first floor boasting 9 ft. ceilings, half bathroom, mud room, inside entry to garage and large functional kitchen incl. SS appliances, modern backsplash & large island, sun-filled living/dining areas, & walk-out to your fully fenced backyard. Upper level features 3 large bedrooms, laundry room, 2 full bathrooms, incl. a large Primary en-suite w/glass stand-up shower, double sinks, & soaker tub. Fully finished basement includes gas fireplace, large rec room & tons of storage. Tenant pays all utilities. Available August 1st! (id:35885)
Welcome to 736 Claude street. This two bedroom two bathroom home has been meticulously upkept and is ready for its new owner. Located on a great lot with no rear neighbors is sure to please. The savvy investor is welcomed to design a legal up down duplex due to the perfectly placed side entrance with direct access to basement. The forward thinking home owner who will inherit this solid built home will love the newer radiant heating system due to its efficiency and equal heat. Upon entering you will be greeted with a large and bright living room and the adjacent kitchen is large enough for any gourmet chef. The bedrooms are decent size located in the back of the home. Back addition has been done and as a result deleting middle bedroom which has been converted into dining area. The addition has cathedral ceilings and plenty of sunlight due to the abundance of windows. The basement is equipped with a bathroom and laundry area and ready to design your man cave or separate dwelling unit. (id:35885)
This wonderful 3 bedroom, 3 bathroom townhome is located in a peaceful family friendly neighbourhood steps away from the Valleystream East Park. The home has been meticulously maintained & offers plenty of updates. The main floor provides an inviting foyer, 2pcs washroom/heated floor, garage access, family room/heated hardwood floor and walkout to the backyard. The second level offers an updated kitchen flooded with natural light, great workspace, plenty of storage including wall to wall pantry, coffee bar & stainless steel appliances. Entertain family & friends in the open concept living/dining room with fireplace, pot lights & gorgeous hardwood flooring. Located on the third level are 3 spacious bedrooms, updated 4pcs main bath.The primary provides a walk in closet & remodeled ensuite with heated floor. This home is located close to public transit, schools, Queensway Carleton Hospital, Algonquin College, retail, Hwy 416 & 417 and 7+ kms to DND Moodie Drive. List of updates attached. (id:35885)
This is your chance to experience the charm of Merrickville, a historic town, while enjoying the comforts of modern living at its best. Located just steps away from the main street, with convenient access to shops, restaurants, and the Rideau River, thIS stunning townhome by Park View Homes are designed to leave a lasting impression. The craftsmanship is exceptional, with meticulous attention to detail and exquisite finishes. Moreover, these home is Energy Star rated, ensuring superior construction and long-term energy savings. The spacious and bright main floor and kitchen, equipped with stainless steel appliances, create an inviting open concept space. The private primary suite, separate from the secondary bedrooms, offers tranquility and features a walk-in closet and ensuite bathroom. Don't miss out on the opportunity to call this beautiful and historic townhome your home! (id:35885)
Welcome to this charming residence featuring four bedrooms, three full bathrooms and to boot direct basement access from the large oversized double garage! Located in a serene countryside setting with convenient access to Hwy 417, it's just a 20-minute drive to Ottawa-Orleans amenities on a 1.109 acre lot (over 368 feet deep!). The living room boasts a wall of windows that flow into the sunlit dining area and kitchen. The kitchen is equipped with a large pantry, an island, and stainless steel appliances. Discover the primary bedroom with ensuite bathroom and walk in closet. A separate laundry room is conveniently located on the main floor along with the 2 additional bedrooms. The versatile lower level offers a generous family room/gym/playroom, an additional bedroom or office, ample storage space, and a completed 3 bathroom. The expansive backyard features an above-ground pool, two storage sheds, and endless possibilities for outdoor enjoyment + Standby generator directly connected. (id:35885)
The multi-family property features a unit with 2 bedrooms + 1 den, which is part of a larger complex consisting of 4 distinct units. This unit has been meticulously cared for over time. The room adorned with a bay window and tall ceilings adds a feeling of openness and sophistication. It includes a charming decorative fireplace that acts as a captivating centerpiece, contributing to a cozy atmosphere. This captivating property offers an excellent prospect for perceptive individuals who desire a harmonious combination of style, and prime location. The tenant will be responsible for all utilities, each unit has its own hot water tank rental $20/month & internet, and gas and water will be distributed among the four tenants. A parking option is available, $60 per month. Situated in one of Ottawa's most desirable neighborhoods, providing effortless access to public transportation, parks, schools, and an array of shops and dining establishments along Bank Street. (id:35885)
Contemplate the slow, gentle waters and feel your stress wash away, nourishing your spirit. This 5-bedroom, 2-bathroom family home is nestled along the banks of Constant Creek. Once a General Store, it has been converted into a spacious family home perfect for single or multi-family living. The living/dining room is perfect for large gatherings around a warm fire. The large country-style kitchen is loaded with cupboard space and room to prepare large meals. The primary bedroom with a view of the creek, is located above the family room. The convenient main floor laundry room is off the mudroom and shares a 4pc bath. Another staircase off the kitchen leads to the 2nd-floor den, 4 more bedrooms, and a 5pc bath. A sizable deck off the family room allows for creekside outdoor entertaining. The large yard adds to outdoor fun, and one can paddle on or swim in the water. Generac Generator and 2022 Septic. 15 min to skiing at Calabogie Peaks and 20 min to Renfrew. 24-hour irrevocable on offers. (id:35885)
Discover the allure of this charming 2+1 bedroom, 2 bathroom bungalow nestled in Embrun's vibrant community. Embrace the convenience of nearby amenities, restaurants, and schools. The main floor boasts elegant hardwood and ceramic floors, featuring a sunken living room, dining room, and kitchen. Revel in the spaciousness of 2 generous bedrooms and a fully renovated bathroom with a skylight. The kitchen offers ample cabinetry with crown molding, top mount stove, built-in oven, refrigerator, and dishwasher, seamlessly flowing into the dining room with patio doors leading to a deck overlooking a serene backyard with no rear neighbors. The living room is ideal for gatherings and entertainment. The partially finished basement presents a cozy recreation room with a wood stove, a full bathroom, an additional bedroom, and a utility/storage room. Delight in the picturesque views from the front porch, completing this idyllic home. (id:35885)
Welcome to this stunning home in the heart of Carp Village. Large vaulted front foyer that opens to a spacious great room with vaulted ceiling & gas fireplace. Dining room has a tray ceiling & is perfect for entertaining. Eat-in kitchen overlooks the garden and has a Belgium farmhouse feel w/custom open shelving & stone chimney over the stove. Freshly painted thru-out and boasts hardwood floors. 3 spacious bedrooms, all with 9’ ceilings, & a lovely main floor laundry w/sink, closets, and garage access. Primary bedroom is large w/tall transom windows, renovated ensuite & large WIC. Basement boasts 9’ ceilings, studded & insulated w/bathroom rough-in. Situated on a large pie-shaped lot, w/stunning gardens & landscaping. Backyard w/two recently built Jack & Jill decks, BBQ patio, & custom black canopies that provide shade & elegance. Custom playhouse & sandbox for children & fully fenced for dogs. Easy access to Carp fair, parks, school, & restaurants. 24 hrs irrevocable on all offers. (id:35885)
Good size town home in Village Green with no rear neighbours. Features include spacious Foyer, hardwood in Living and Dining rooms, Eat-in kitchen, King-Size Master bedroom with walk-in closet, Beautiful 4 piece Family Bathroom, 2 good size secondary Bedrooms ,Cozy Family Room, main floor Gas Fireplace, close to Earl of March puplic scholl, bus stops and shopping centres, easy access to HWY 417. (id:35885)
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)
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)
February 2023 – Resale Market Starts Slow as Buyers Remain Cautious
February 2, 2023
Members of the Ottawa Real Estate Board (OREB) sold 606 residential properties in January through the Board’s Multiple Listing Service® (MLS®) System, compared with 933 in January 2022, a decrease of 35%. January’s sales included 460 in the freehold-property class, down 30% from a year ago, and 146 in the condominium-property category, a decrease of 47% from January 2022. The five-year average for total unit sales in January is 819.
“January’s marked slow down in unit sales over 2022 indicates potential home buyers are taking their time,” says OREB President Ken Dekker. “While last month saw the culmination of the succession of interest rate hikes announced by the Bank of Canada, affordability remains a factor. They may be waiting for a shift in listing prices. They’re being cautious in uncertain conditions.”
By the Numbers – Average Prices*:
The average sale price for a condominium-class property in January was $412,244, a decrease of 8% from 2022.
The average sale price for a freehold-class property was $676,272, decreasing 12% from a year ago.
“Despite the decrease in average prices, the market should not be considered on a downward slide,” says Dekker. “A hyper COVID-19 seller’s market is now leveling out to our current balanced market state.”
“On a positive note, in comparison to December’s figures, January’s average price of freehold properties increased by 3%. The average price of condos did fall by 5% compared to December but condo pricing tends to fluctuate more due to the small data set.”
By the Numbers – Inventory & New Listings:
Months of Inventory for the freehold-class properties has increased to 3.8 months from 0.9 months in January 2022.
Months of Inventory for condominium-class properties has increased to 3.8 months from 0.8 months in January 2022.
January’s new listings (1,324) were 16% higher than 2022 (1,142) and up 89% from December 2022 (699). The 5-year average for new listings in January is 1,233.
“Ottawa’s inventory and days on market figures are typical for a balanced market and another sign that buyers are no longer racing to put in an offer,” says Dekker. “The increase in new listings and supply is a boon for home buyers, who now have more selection and the ability to put in conditions at a less frantic pace. REALTORS® are an essential resource in finding the right property for the right buyer. On the other side of the transaction, REALTORS® can help sellers with hyper-local insights about how to sell in their neighbourhood at a time when pricing is key.”
More people are turning to REALTORS® for help renting properties — 509 this month compared to 410 in January 2022, an increase of 24%. “Even with the increase in housing stock, the tighter rental market is another indication that affordability is keeping some potential buyers on the sidelines.”
* 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.
Market Prices Sold and Changes
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