The Latest Ottawa Real Estate Statistics

The Ottawa real estate market has seen a decline in transactions and prices in February compared to the same month last year. However, there is hope for both buyers and sellers, as the market stabilizes and interest rates remain steady.

According to the Ottawa Real Estate Board (OREB), 855 residential properties were sold in February through the Board's Multiple Listing Service® (MLS®) System, a decrease of 39% from February 2022. The sales included 633 in the freehold-property class, down 42% from a year ago, and 222 in the condominium-property category, a decrease of 31% from February 2022. The five-year average for total unit sales in February is 1,157.

Despite the decrease in sales, there is optimism in the market. “With the Bank of Canada holding interest rates steady, prospective buyers have more budget certainty to work with as we head into the spring market," says Ken Dekker, the President of the Ottawa Real Estate Board.

The Latest Ottawa Real Estate Statistics: Prices

One positive sign is the increase in the average sale price for a freehold-class property in February. The average sale price was $708,968, a decrease of 15% from 2022, but a 5% increase over January 2023. This could indicate that buyers have normalized to the current interest rates, and there may be more activity in the coming months.

The average sale price for a condominium-class property was $410,927, a decrease of 12% from a year ago. The year-to-date average sale prices for freeholds and condos are $695,086 and $411,449, respectively, representing a 14% decrease for freehold-class properties and a 10% decrease for condominium-class properties compared to 2022.

The Lastest Ottawa Real Estate Statistics: Housing Inventory

The inventory and new listings have also changed in the Ottawa real estate market. The Months of Inventory for freehold-class properties has increased to 2.8 months from 0.7 months in February 2022. The Months of Inventory for condominium-class properties has increased to 2.5 months from 0.7 months in February 2022. February's new listings were 22% lower than February 2022 but up 3% from January 2023.

Days on market (DOM) for freeholds decreased from 43 to 37 days and 47 to 43 days for condos compared to last month. This decrease in the days on the market, coupled with fewer new listings entering the market, is good news for sellers. However, if the trend continues, it could impact the supply stock and cause the market to swing back into seller's territory.

Ottawa Real Estate Statistics: Overview

It is too early to predict the direction of the market. The best advice for sellers and buyers in today's market is to pay close attention to the comparison and competition insights that only a REALTOR® can offer. Ottawa is made up of many micro-markets, and neighbourhood-level data is vital to standing out and closing deals.

In conclusion, the Ottawa real estate market has stabilized in February, and there is hope for both buyers and sellers. Interest rates remain steady, and the decrease in the days on the market and fewer new listings entering the market are good news for sellers. However, it is important to pay attention to the comparison and competition insights that a REALTOR® can offer.

Ottawa Real Estate Statistics: What They Mean for Buyers

The Ottawa real estate statistics provided in this market update can be valuable information for prospective buyers. With lower sales and higher inventory levels in February 2023 compared to the previous year, buyers may have more options to choose from and potentially negotiate better deals. The stable interest rates from the Bank of Canada could also provide more budget certainty for buyers, allowing them to make more informed decisions.

The average sale price for freehold-class properties in February 2023 increased by 5% from January 2023, which could indicate that buyers are adapting to the current market conditions. However, the year-to-date average sale prices for both freehold and condominium properties have decreased significantly from 2022. Buyers may want to take advantage of these lower prices while they last, as there is always the possibility that prices may rise again in the future.

Ottawa Real Estate Statistics: What They Mean for Sellers

Sellers can also benefit from this market update, as it provides insight into the current state of the Ottawa real estate market. With fewer new listings entering the market in February 2023 compared to the previous year, sellers may face less competition and potentially sell their property more quickly. The decrease in days on market for both freehold and condominium properties compared to the previous month is also good news for sellers.

However, sellers should be aware that the market is still relatively balanced, with inventory levels increasing compared to the previous year. This means that sellers may not be able to demand high prices and should be prepared to price their properties competitively. It is also important for sellers to work with a REALTOR® who can provide neighborhood-level data and help them stand out in the market.

Overall, this market update highlights the importance of paying attention to the current market conditions and working with a REALTOR® to navigate the Ottawa real estate market effectively, whether you are a buyer or a seller.

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