Ottawa Real Estate Update | May 2023 Edition

April 2023 in Review

Last month in April 2023 members of the Ottawa Real Estate Board sold 1,488 residential properties a decrease of 20.7% compared to the height of the market in April 2023.

We had 2,144 new properties listed for sale in April leaving the total number of residential properties for sale at 2,760 an increase of 61.7% from the end of April 2022.

We currently have 1.9 Month Of Inventory on the market and a new listing sales rate of 69.4%. These indicate a slide back into sellers market condition in Ottawa.

It took an average of 42 days for properties of all types to sell in April, which is 30 days longer than April 2022 and 10 days fewer than March 2023. Of these 1,488 sales, 1,156 were freehold houses (-17.9%), and 332 were condominiums (-29.1%).

The average sales price for a freehold house sold in April 2023, was $747,123 showing a decrease of 9.7% from April 2022. While condominium average prices showed a decrease of 8.1% from last year to $435,875.

Since December 2022 we've seen an increase of the average price of all properties sold in a month grow by 13.9% to $677,678.


Ottawa Real Estate Update | April 2023 Edition

March 2023 in Review

Last month in March 2023 members of the Ottawa Real Estate Board sold 1,194 residential properties a decrease of 40.4% compared to the height of the market in March 2023.

We had 2,089 new properties listed for sale in March leaving the total number of residential properties for sale at 2,678 an increase of 113% from the end of March 2022.

We currently have 2.2 Month Of Inventory on the market and a new listing sales rate of 57.2%. These indicate a slide back into sellers market condition in Ottawa.

It took an average of 52 days for properties of all types to sell in February, which is 38 days longer than March 2022 and 10 days fewer than February 2023.

Of these 1,194 sales, 893 were freehold houses (-39.9%), and 301 were condominiums (-41.7%).

The average sales price for a freehold house sold in March 2023, was $710,070 showing a decrease of 16.9% from March 2022. While condominium average prices showed a decrease of 12.7% from last year to $418,670.

Since December 2022 we've seen an increase of the average price of all properties sold in a month grow by 5% to $636,610.


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.