August Market Update

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. 

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