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.
Welcome to 60 Duncanville, a move-in-ready 4-bed, 3-bath single home in Russell. Built in 2021 on a premium lot, this home offers an open-concept main lvl with a gas fireplace in the living rm, spacious dining area, & gourmet chef’s kitchen feat. quartz countertops, modern backsplash, large island, upgraded cabinets, stainless steel appliances, & walk-in pantry. Large windows and 9-ft custom ceilings, w/ pot lights, flood the space with natural light, highlighting gleaming hardwood floors. Practical family living is enhanced by a mudrm, powder rm, & convenient laundry area. Upstairs, the primary bedrm boasts a luxurious ensuite with walk-in shower, soaker tub, double sinks, & large walk-thru closet. Three more bedrms & another full bath complete the 2nd lvl. Unfinished basement, w/ rough-in for additional bathroom, offers endless possibilities. Outside, enjoy partially fenced big yard, perfect for outdoor activities. Experience modern luxury & comfort in this beautifully designed home! (id:35885)
CAREFREE LIVING IN THIS RENOVATED CENTURY HOME - Front veranda, high ceilings, crown mouldings, exposed wood walls and antique interior doors are some of the wonderful features of this home. Updated kitchen and bathrooms have ceramic floors, cabinets and tiled showers. One bedroom on the main floor and a four piece bathroom make this a perfect arrangement for in-law living. On the second floor there is a large bathroom with a spectacular walk in shower as well as two spacious bedrooms one of which has an enormous walk-in closet. Lovely custom drop-down blinds in many windows. Maintenance free exterior with metal roof and newer windows & doors. Back deck and grade level patio. Recent upgrades since 2019 include: New furnace; Upgraded attic insulation; All New siding and eavestrough; Gas hookup for BBQ and New basement windows. Be sure to click on the upper right hand tabs of the Virtual Tour page for additional photos, floor plans and information about this property. (id:35885)
Discover this stunning, freehold three-storey loft townhome in the heart of Central Park, ready for you to move in! Painted from top to bottom, this gem boasts a spacious eat-in kitchen filled with ample cupboards, prep space, and upgraded ceramic flooring. The inviting living room, adorned with gleaming hardwood and a cozy gas fireplace, creates a perfect ambiance. Upstairs, you'll find generously sized bedrooms, with the primary bedroom offering direct access to a main bathroom that features a luxurious soaker tub and a separate walk-in shower. The lower level is a bright and versatile rec room with kitchen and a full bathroom opening out to a backyard with a terrace-like deck—ideal for relaxing or entertaining. Additional highlights an attached garage with inside entry, and a private driveway with potential of in-law suite. (id:35885)
Discover the epitome of modern elegance in this stunning 3+1 bedroom, 3.5 bath home located in the desirable neighbourhood of Half Moon Bay. This beautifully maintained home boasts an open-concept main floor that features 9 ft ceilings, hardwood floors, and a cozy gas fireplace in the family room. The chef’s kitchen is equipped with SS appliances, high-quality quartz countertops, and a central island. The elegant hardwood staircase leads to the 2nd level, boasting the spacious master suite which has a spa-inspired ensuite with a glass walk-in shower, and double sinks. The 2nd bedroom features a charming vaulted ceiling, while the 3rd bedroom, a full main bathroom, and a convenient laundry room complete the upper level. The partially finished basement provides a versatile space with an ensuite/ full bath. The fully fenced & interlocked backyard is perfect for outdoor entertainment! Easy access to public parks, schools, and Minto Recreation Centre! (id:35885)
Don't just dream of having your own little Paradise hideaway! Enjoy "Inspirational" Lifestyle Living every day of the year in this very Luxurious large 4 bedroom home nestled in "Breathtaking" natural beauty. This spectacular home features extremely luxurious finishes throughout. Ultra luxurious "Chef's" kitchen features "Rich" cabinetry, huge Island & Pantry & endless granite countertops. The Principal Bedroom "Oasis" features a luxurious Ensuite bathroom with beautiful marble countertops and a large Walk-In Closet with California style cabinets. The home features custom cabinetry & luxurious stone & Quartz countertops throughout, Complete Cinema Room, 9 foot ceilings, large above ground pool & decking, double garage and so much EXTREMELY LUXURIOUS HOME TO "MERRICK PREPARATORY SCHOOL" RECOGNIZED AS ONE OF THE BEST IN THE WORLD. (id:35885)
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)
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)
Zoned RU1, This land is an exceptional opportunity to own close to 100 acres of mature forest land located on Concession 4 Rd in Wendover. Ideal for residential, commercial, industrial, conservation, recreation, or potential development. 5 acres cleared and leased to Grasshopper Energy for solar panels, generating an annual income until 2038. Equipped with a 3-phase electric line, essential for solar panel operations and beneficial for future business endeavors. The land is adjacent to Crown Land, providing additional privacy and natural beauty. This property offers a unique blend of natural beauty and income potential, making it a versatile investment for conservation, recreation, or business purposes. The presence of mature trees adds significant value, while the solar panel lease ensures steady income. Explore the possibilities of owning this remarkable piece of land in Alfred and Plantagenet. Contact us today for more details and to arrange a viewing. (id:35885)
Welcome to the family-friendly community of Greely, in the lakefront neighbourhood of Water's Edge with all of the amenities of the city & the open spaces of the country. Truly the best of both worlds! This custom bungalow is situated on a large .49 acre lot with no rear neighbours, close to shopping, tennis, parkland, golf, private lake, w/beach & more. Conveniently located within minutes of the airport & soon to open Bowesville LRT, 30 mins to downtown. This home boasts numerous recent updates & a generous primary bedroom w/luxe ensuite & 2 walk-ins, 9' ceilings & hardwood flooring w/a sumptuous well-designed lower level w/additional bedroom, bath, sauna & gorgeous stone fireplace, complete w/home theatre system. The property is well-landscaped & the views from the lanai go on forever! This home is a rare find with accessibility modifications of the porch lift in the oversized garage & direct access to the lower level w/ stair lift. No conveyance of offers prior to 4:00 pm July 3rd. (id:35885)
Welcome to this BEAUTIFUL End Unit townhome which has an open concept design, tile & hardwood flooring throughout the main floor & several windows allowing in tons of NATURAL LIGHT! The second floor features 3 spacious bedrooms and the "cheater" ensuite bathroom boasts a large soaker tub. Enjoy the finished basement with plenty of space to use any way you'd like! Recent upgrades include Oak stairs in place of carpet into the basement, Roof June 2022 & a backyard patio stone interlock redone in 2019. The furnace is serviced annually, with a new motor, controller board & pressure switch, Duct cleaning done in June 2022. Appliances have been replaced, including an over-the-range microwave (Samsung) March 2020, electric range (Samsung) Aug. 2022 & a bottom freezer fridge (LG) Aug. 2022. Central vacuum, With so many amenities within walking distance, Family friendly Neighbourhood and amazing schools. Please 24 hours irrevocable in all offers. Some photos digitally altered. (id:35885)
Welcome to 763 Samantha Eastop Ave – Minto Frontenac Model. Discover luxury and practicality in this detached two-storey home perfect for family living and entertaining. Featuring a chef's kitchen, cozy great room with a natural gas fireplace, surround by built-ins and shelving, and a soundproofed main floor den. The main floor includes a stylish mudroom with access to double car garage and powder room. Upstairs, the primary bedroom offers two walk-in closets and a lavish en-suite, with three additional bedrooms each boasting their own walk-in closets. Enjoy the convenience of a second-level laundry room. The partially finished lower level provides extra living space and storage. Upgrades include hardwood flooring, cabinetry, tiles, quartz countertops, pot lights, and more! Beautifully landscaped including backyard with a hot tub, pergola , separate entertaining area. Don't miss out! (id:35885)
Charming Upper Unit for Rent in Queenswood Heights! Discover this inviting 2-bedroom, 1-bathroom upper unit located in the desirable Queenswood Heights neighborhood. Ideal for families, this unit is conveniently close to schools, a recreation center, and shopping areas, providing everything you need within easy reach. Enjoy exclusive access to the fenced backyard and garage, perfect for outdoor activities and secure parking. The unit comes fully equipped with essential appliances, including a stove, refrigerator, dishwasher, washer, and dryer, making your move-in seamless and stress-free. Monthly rent is $2,695, with all utilities included. Available starting July 1, 2024, this unit offers both comfort and convenience in a prime location. (id:35885)
Stunning 3-bed home in desirable Greenboro, featuring luxurious upgrades throughout. Step inside to find elegant maple hardwood floors leading from the entrance landing to the spacious living room and kitchen area. The kitchen boasts beautiful maple cabinets, complemented by a travertine backsplash and newer appliances. Enjoy the custom touches such as upgraded light fixtures, a modern 72" Napoleon electric fireplace set within a custom TV wall, and custom slat doors enhancing the overall aesthetic. Relax in style in the master bath which features a large soaker tub and an electric fireplace for added ambiance. Outside, the property offers a landscaped front and back yard with a generous 20 x 15' cedar deck perfect for outdoor entertaining. Additional features include an alarm system, updated thermostat, garage door opener, dimmer switches throughout, and a pot light in the kitchen sitting area. Don't miss out on this meticulously maintained home with top-of-the-line upgrades! (id:35885)
3 bed, 2 bath semi-detached home on a HUGE oversized corner lot with fully fenced-in yard in the sought out neighbourhood of Pheasant Run! Freshly painted top to bottom (2022), Updated kitchen and full bathroom (2021), and gleaming hardwood floors! SS Appliances in the kitchen and granite countertops. Backyard features a wooden deck and newer BBQ included! Full laundry room with washer/dryer in basement and 3 extra storage rooms. Natural gas furnace. Single car garage plus driveway. Don't fight traffic going to work - Costco, Amazon, RCMP just 5 minutes away! Walking distance to Longfields Bus Station and many public transportation stops. Close to schools, parks, Walter Baker Rec Centre. Tenant to pay Cable, Electricity, Gas, High Speed, HWT Rental, Water/Sewer. (id:35885)
An expansive parcel of land; 8.5 acres is currently available for purchase; an incredible opportunity to build your dream home! Located approximately 10 km south of Kemptville, this property offers easy access to Hwy 416, and features numerous tree varieties: Sugar Maples, Balsam Fir, White Cedar and many more! Close to all amenities in the town of Kemptville with shopping, schools, hospital, and recreation, this is an ideal setting for quiet country life in a fabulous neighbourhood! (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)
Nestled on the serene shores of Kennebec Lake, this enchanting 4-bed, 2-bath cottage offers an idyllic retreat surrounded by lush trees & natural stone. The property features a multi-tiered deck cascading down to the water, providing breathtaking lake views & direct access to a private dock equipped w/ a diving board for endless water activities. The spacious kitchen boasts a 7-ft island with ample storage, perfect for culinary creations & gatherings. The renovated primary bedroom is a sanctuary, featuring a 3pc ensuite, laundry, walk-in closet, lake view, & doors leading to the deck, seamlessly blending indoor & outdoor living. Three additional bedrooms provide ample space for family & guests, & the renovated 3pc main bathroom ensures comfort for all. An enclosed 3-season sunroom offers a serene space for entertaining, allowing you to fully enjoy the beauty of the surroundings. This property offers peace & tranquility from your busy life! Road Fee $205 for Snow Removal & Maintenance. (id:35885)
This beautiful country home is situated on 4.09 acres of land, offering amazing views and just a 35-minute drive from Ottawa. Perfect for those seeking privacy, serenity, nature, and comfort. The 3-bedroom brick bungalow is filled with natural sunlight, providing ample living space with large bedrooms and a spacious kitchen/dining area with plenty of storage. A gardeners delight with existing and producing pear and apple trees, and producing raspberry and blueberry bushes. Additional features include an oversized, double-insulated attached garage, a detached workshop, and a large barn with open permit (30x60) rebuilt in 2009—ideal for any handyman! Lifebreath HRV air exchanger and upgraded water treatment system installed in 2022 which includes a water softener, water storage, UV filtration, and an RO system. This stunning home has so much to offer. (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)
Do you want to start living that island life? Look no further than the Bayside III, perfectly designed by Beaver Homes and Cottages. This 768 sq ft 3 bedroom 1 bathroom bungalow cottage is yet to be built but would make an amazing family cottages where decades of memories can be made. Sitting on a majestic 2.3 acre lot on Sand Island in UNESCO world heritage Big Rideau Lake, you will fall in love with the spectacular sunsets, clean deep water frontage and beautiful topography at your private island oasis. Not a fan of this layout? choose any cottage from the Beaver Homes site and build your own dream cottage (subject to permits and approvals) Don't miss your chance to start living that lake life today! (id:35885)
Quinn’s Pointe is only steps away from urban conveniences. Take advantage of parks, ample green space, the Minto Recreation Complex, and more. Indulge in the epitome of refined living with the Minto 4-bedroom Mapleton B home, a masterpiece currently undergoing construction and slated for completion this December. Discover unparalleled comfort in its finished basement, where a generously sized rec room awaits, bathed in natural light streaming through picturesque lookout windows. Numerous upgrades, including exquisite premium flooring, bespoke cabinetry, and sumptuous quartz countertops. Elevating the ambiance, lofty 9-foot ceilings on the main floor infuse every space with grandeur and sophistication, promising a lifestyle of unparalleled elegance and comfort. Full Tarion Warranty. (id:35885)
Quinn’s Pointe is only steps away from urban conveniences. Take advantage of parks, ample green space, the Minto Recreation Complex, and more. Indulge in the epitome of refined living with the Minto 6-bedroom Quinton C home, a masterpiece currently undergoing construction and slated for completion this December. Discover unparalleled comfort in its finished basement, where a generously sized rec room awaits, bathed in natural light streaming through picturesque lookout windows. Numerous upgrades, including exquisite premium flooring, bespoke cabinetry, and sumptuous quartz countertops. Elevating the ambiance, lofty 9-foot ceilings on the main floor infuse every space with grandeur and sophistication, promising a lifestyle of unparalleled elegance and comfort. Full Tarion Warranty. (id:35885)
Quinn’s Pointe is only steps away from urban conveniences. Take advantage of parks, ample green space, the Minto Recreation Complex, and more. Indulge in the epitome of refined living with the Minto 4-bedroom Fitzroy II C home, a masterpiece currently undergoing construction and slated for completion this December. Discover unparalleled comfort in its finished basement, where a generously sized rec room awaits, bathed in natural light streaming through picturesque lookout windows. Numerous upgrades, including exquisite premium flooring, bespoke cabinetry, and sumptuous quartz countertops. Elevating the ambiance, lofty 9-foot ceilings on the main floor infuse every space with grandeur and sophistication, promising a lifestyle of unparalleled elegance and comfort. Full Tarion Warranty. (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)
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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