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 Month 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.
In 2022, there were 15,288 sales by the Ottawa Real Estate Board members.
Compared to 20,289 in 2021, there was a decrease of 24.6% in the number of homes & condos sold.
It took an average of 26 days for properties of all types to sell in 2022 which is an increase of 30% from 2021, 6
days longer.
Of these 15,288 sales, 11,508 (-24.8%from 2021) were freehold houses, and 3,780 (-24.1% from 2021) were
condominiums.
The average sales price for a freehold house sold in 2022, was $769,623 showing an increase of 7.0%
over 2021, while condominium average prices rose 8.1% from last year to $453,770.
At the beginning of 2023 the total number of residential properties for sale was 2,254 an increase of
208.2% from the beginning of 2022. We began 2023 with a 3.8 month supply of homes for sale, the low end
of a balanced market.