Last month in February 2023 members of the Ottawa Real Estate Board sold 855 residential properties a decrease of 39.4% compared to the height of the market in February 2022.

We had 1,366 new properties listed for sale in December leaving the total number of residential properties for sale at 2,343 an increase of 233.4% from the end of February 2021.

We currently have 2.7 Months Of Inventory on the market and a new listing sales rate of 62.6%. These indicate a slide back into sellers market condition in Ottawa.

It took an average of 62 days for properties of all types to sell in February, which is 43 days longer than February 2021 and 7 days fewer than January 2023.

Of these 855 sales, 633 were freehold houses (-41.8%), and 222 were condominiums (-31.3%).

The average sales price for a freehold house sold in February 2022, was $708,968 showing a decrease of 15.2% from February 2022. While condominium average prices showed a decrease of 12% from last year to $410,927.

Last month in January 2023 members of the Ottawa Real Estate Board sold 606 residential properties a decrease of 35% compared to January 2022 (close to the peak of the market).  

We had 1,324 new properties listed for sale in January leaving the total number of residential properties for sale at 2,318 an increase of 181% from the end of January 2022.

We currently have 3.8 Month Of Inventory on the market and a new listing sales rate of 45.8%.  A balanced market in Ottawa.

It took an average of 69 days for properties of all types to sell in January, which is 39 days longer than January 2022 and 10 days longer than December 2022.

Of these 606 sales, 460 were freehold houses (-30.1%), and 146 were condominiums (-46.9%). 

The average sales price for a freehold house sold in January 2023, was $676,272 showing a decrease of 12.1% over January 2022.  While condominium average prices dropped 8% from last year to $412,244.