Ottawa Real Estate Update | February 2023 Edition 

January 2023 in Review

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.  



2022 in Review

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.

 

 
 
 

Last Month In Ottawa Real Estate


OTTAWA HOME SALES & PRICES TRENDS (2019-2023)


 
 

Ottawa Home Sales & Prices over the last 10 Years & 64 Year History of the Ottawa Real Estate Board

 
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“ I have dealt with many real estate agents over the last 40 years, both in Toronto and here in Ottawa. Three agents in all this time have stuck out in my mind - two in Toronto and ONE in Ottawa. The one in Ottawa is Keith. So what is the best part of an agent you want to know... COMMUNICATION. Keith - unlike many others, handled my sale directly and was ALWAYS available. That is the biggest perk in my mind, having an agent that does not desert you to a team the minute you sign a contract. Keith is simply AMAZING for this. He stays in contact...PERSONAL ATTENTION, not just someone on the team. When will other agents learn this...You deal with an agent because you want THEIR service, not someone else on the team. Keith respects you, his client. He is fantastic at this and he is fantastic and letting you know answers to your questions - always the same day. It was a pleasure dealing with Keith and I am sure for anyone else that wants an agent that truly respects and communicates well with them, they should be dealing with Keith too. ” Shane Vanier

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