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.
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