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.
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