OREB has released the stats for the August 2023 market. What does this all mean? By the numbers below for a quick snapshot. Read the full release here.

Residential Property Sales in August 2023:

• Total residential properties sold: 1,196
• Increase in sales compared to August 2022: 6%
• Freehold-property class sales: 903 (up 7% from last year)
• Condominium-property category sales: 293 (up 2% from August 2022)
• Five-year average for total unit sales in August: 1,525

Analysis: August 2023 saw a 6% increase in residential property sales compared to the same month in 2022. Both freehold and condominium categories experienced positive growth, indicating ongoing demand in the Ottawa real estate market.

Average Prices in August 2023:

• Average sale price for a freehold-class property: $709,739 (up 0.5% from 2022, 5.6% decrease over July 2023 prices)
• Average sale price for a condominium-class property: $425,968 (up 1% from a year ago, 1.4% lower than July 2023 prices)
• Year-to-date average sale prices: $732,220 for freeholds (8% decrease over 2022) and $432,571 for condos (5.5% decrease over 2022)

Analysis: While the average sale prices for both freehold and condominium properties have increased slightly year-over-year, the year-to-date figures show a decrease, indicating some market fluctuations and potential cooling from the peak prices seen in earlier months.

Inventory & New Listings:

• August's new listings: 2,228 (7% increase over August 2022, consistent with last month)
• Five-year average for new listings in August: 2,177
• Months of Inventory for freehold-class properties: Increased to 3 months from August 2022 and July 2023.
• Months of Inventory for condominium-class properties: Remains similar to August 2022.
• Days on market (DOM) for freeholds: Increased to 31 days from August 2022 and July 2023.
• Days on market (DOM) for condos: Increased slightly to 29 days from August 2022 and July 2023.

Analysis: The increase in new listings suggests more properties coming onto the market, providing potentially more options for buyers. However, the Months of Inventory for freehold properties has increased, indicating a shift toward a more balanced market. Days on market have also increased, suggesting properties may take longer to sell.

Note: All percentages mentioned above are calculated in comparison to the corresponding data from the previous year unless otherwise specified.

Please contact me with any questions and to help you navigate you home sale or purchase. 

Source: OREB

Information located on this site is from sources believed to be reliable but should not be relied upon without verification. We assume no responsibility for its accuracy. 

OREB has released the stats for the July 2023 market. What does this all mean? By the numbers below for a quick snapshot. Read the full release here.

Residential Property Sales in July 2023:

• Total residential properties sold: 1,263
• Increase in sales compared to July 2022: 15%
• Freehold-property class sales: 979 (up 18% from last year)
• Condominium-property category sales: 284 (up 6% from last year)
• Five-year average for total unit sales in July: 1,621

Average Sale Prices in July 2023:

• Average sale price for freehold-class property: $754,188 (up 5% from 2022, 1% increase from June 2023)
• Average sale price for condominium-class property: $435,094 (up 2% from a year ago, 3% lower than June 2023)
• Year-to-date average sale price for freeholds: $735,103 (9% decrease from 2022)
• Year-to-date average sale price for condos: $433,447 (6% decrease from 2022)

Inventory & New Listings:

• New listings in July 2023: 2,234 (6% lower than July 2022, 19% lower than June 2023)
• 5-year average for new listings in July: 2,336
• Months of Inventory (freehold-class properties) in July 2023: 2.7 months (decreased from July 2022, increased from June 2023)
• Months of Inventory (condominium-class properties) in July 2023: 2.3 months (decreased from July 2022, increased from June 2023)
• Days on market (DOM) for freeholds in July 2023: 26 days (increased from July 2022 and June 2023)
• Days on market (DOM) for condos in July 2023: 28 days (increased from July 2022 and June 2023)

Assistance with Rentals and Tenants:

• OREB Members assisted with renting 3,921 properties since the beginning of the year (11% increase compared to last year at the same time).

Market Insights:

• Despite interest rate hikes by the Bank of Canada, transactions and average prices are up from last July.
• Positive indicators in July suggest solid year-over-year results in the second half of the year.
• Inventory is increasing, providing more options for homebuyers.
• The market has calmed compared to the pandemic frenzy, and sellers need to manage their expectations.
• Professional licensed REALTORS® are instrumental for buyers and sellers in this fluid market.

Note: All percentages mentioned above are calculated in comparison to the corresponding data from the previous year unless otherwise specified.

Please contact me with any questions and to help you navigate you home sale or purchase. 

Source: OREB

Information located on this site is from sources believed to be reliable but should not be relied upon without verification. We assume no responsibility for its accuracy. 

OREB has released the stats for the June 2023 market. What does this all mean? By the numbers below for a quick snapshot. Read the full release here.

Sales Volume:

• Total residential properties sold in June 2023: 1,658
• Compared to June 2022: 1,493 properties (11% increase)
• Freehold properties sold in June 2023: 1,234
• Compared to June 2022: 1,122 freehold properties (10% increase)
• Condominium properties sold in June 2023: 424
• Compared to June 2022: 371 condominium properties (16% increase)

Average Sale Prices:

• Average sale price of a freehold-class property in June 2023: $746,445
• Compared to 2022: 4% decrease
• Still on par with May 2023 prices
• Average sale price of a condominium-class property in June 2023: $448,380
• Compared to 2022: 2% increase
• Up 1% over May 2023 prices
• Year-to-date average sale prices (2023):
  • Freehold-class properties: $731,847
  • Condominium-class properties: $432,885
• Compared to 2022:
  • Freehold-class properties: 10% decrease
  • Condominium-class properties: 7% decrease

Inventory & New Listings:

• New listings in June 2023: 2,758
• Compared to June 2022: 3,212 new listings (14% lower)
• Compared to May 2023: 2,822 new listings (2% lower)
• 5-year average for new listings in June: 2,802
• Months of Inventory (June 2023):
  • Freehold-class properties: 2.1 months
  • Condominium-class properties: 1.4 months
• Compared to June 2022:
  • Freehold-class properties: Increased from 1.9 months
  • Condominium-class properties: Decreased from 1.6 months
• Compared to May 2023:
  • Condominium-class properties: Increased from 1.3 months

Days on Market (DOM):

• Freehold properties: 23 days
• Condominium properties: 27 days

Rental Assistance by OREB Members:

• Properties rented by OREB Members since the beginning of the year: 3,336
• Compared to last year at the same time: 2,919 properties (14% increase)

Note: All percentages mentioned above are calculated in comparison to the corresponding data from the previous year unless otherwise specified.

Please contact me with any questions and to help you navigate you home sale or purchase. 

Source: OREB

Information located on this site is from sources believed to be reliable but should not be relied upon without verification. We assume no responsibility for its accuracy. 

Ottawa's resale market is thriving and steadily progressing towards pre-pandemic levels seen in 2022. As new listings struggle to keep up, the available housing stock is decreasing, resulting in less than two months of inventory. This situation has once again turned the tables in favor of sellers, making it a seller's market, according to Ottawa Real Estate Board President Ken Dekker.

Average Prices Highlights:

• Average prices have soared by 13.9% in just four months since the market's low point in December 2022.
• The average sale price for a freehold-class property in April was $747,123, representing a 10% decrease compared to 2022. However, it also signifies a 5% increase over March 2023.
• Condominium-class properties have an average sale price of $435,875, experiencing an 8% decline from last year. Nevertheless, still a 4% gain compared to March 2023.
• Looking at the year-to-date figures, freehold-class properties have an average sale price of $718,633, reflecting a 13% decrease from 2022. For condominium-class properties, the average sale price is $421,722, indicating a 10% decrease from the previous year.

These statistics reveal a flourishing real estate market in Ottawa, characterized by rising average prices and a shortage of available properties. It's an opportune time for sellers, and buyers should be prepared for a competitive market.

Please contact me with any questions and to help you navigate you home sale or purchase. 

Source: OREB

Information located on this site is from sources believed to be reliable but should not be relied upon without verification. We assume no responsibility for its accuracy. 

Real Estate Market in Ottawa: December 2022 to March 2023

The Ottawa real estate market saw a significant decrease in sales activity during December 2022, with a total of 601 residential properties sold through the Board’s Multiple Listing Service (MLS) system, compared to 857 in the same month the previous year. Sales in the residential property class were down 22% from a year ago, while sales in the condominium property category decreased by 48% compared to December 2021. However, despite the slowdown, the market was considered to be balanced.

In January 2023, the market started to show signs of improvement. Although sales remained lower than in the previous year, the decline was less pronounced. A total of 761 residential properties were sold, a decrease of 11% from January 2022, while 239 condominiums were sold, down by 30%.

February 2023 saw a continuation of the trend towards a more balanced market. Sales activity remained lower than in previous years, but the decline was less pronounced compared to December 2022. A total of 801 residential properties were sold, a decrease of 8% from February 2022, while 230 condominiums were sold, down by 35%. 

In March 2023, the market continued to show signs of improvement. A total of 942 residential properties were sold, a decrease of 2% from March 2022, while 290 condominiums were sold, down by 21%. 

Overall, the trend in the Ottawa real estate market over the four months from December 2022 to March 2023 was a decline in sales activity compared to previous years, but with a less pronounced decline in January and February, and signs of improvement in March. The market remained balanced throughout this period. It is difficult to make projections for the market in 2023 due to the many factors that can influence it. However, the high prices seen in the spring of 2022 could also influence market activity in the coming months. REALTORS® can provide expert insights and industry resources to help buyers and sellers navigate the complexities of the market.

Please contact me with any questions and to help you navigate you home sale or purchase. 

Source: OREB

Information located on this site is from sources believed to be reliable but should not be relied upon without verification. We assume no responsibility for its accuracy.