The Latest Ottawa Real Estate Statistics

Ottawa Resale Market Stalls in August, Supply Challenges Persist

The latest market update from the Ottawa Real Estate Board (OREB) for August 2023 reveals a marginal increase in sales activity compared to the previous year, however the market remains well below its historical average for this time of year. Here's a closer look at the key insights from the report:

The Latest Ottawa Real Estate Statistics: Sales Volume

OREB members sold 1,196 residential properties in August, reflecting a 6% increase from August 2022. These sales included 903 freehold properties, up by 7% from the previous year, and 293 condominiums, showing a 2% increase from August 2022. Despite this increase, sales activity is far from the typical levels seen during this period.

The Lastest Ottawa Real Estate Statistics: Average Prices

Average Prices: The average sale price for freehold-class properties in August was $709,739, a modest increase of 0.5% from 2022 but a 5.6% decrease from July 2023 prices. Condominium-class properties had an average sale price of $425,968, which was 1% higher than the previous year but 1.4% lower than the previous month (July 2023). Year-to-date average prices have decreased by 8% for freehold-class properties and 5.5% for condominium-class properties compared to 2022.

Ottawa Real Estate Statistics: Inventory and New Listings

August saw an increase of 7% in new listings compared to August 2022, totaling 2,228 listings, and remaining consistent with the previous month (July 2023). The months of inventory for freehold-class properties increased to 3 months, up from 2.9 months in August 2022 and 2.7 months in July 2023. For condominium-class properties, the months of inventory remained steady with August 2022 at 2.2 months, a slight decrease from 2.3 months in July 2023.

Ottawa Real Estate Statistics: Days on Market

Days on market (DOM) increased for both freehold and condominium properties compared to the previous year. For freehold properties, the DOM rose to 31 days, up from 25 days in August 2022 and 26 days in July 2023. Condominium properties had a DOM of 29 days, compared to 28 days in August 2022 and July 2023.

Ottawa Real Estate Statistics: What They Mean for Buyers

For prospective buyers in the Ottawa real estate market, the August 2023 update underscores a somewhat advantageous but still challenging landscape. The modest increase in sales activity might offer some relief, potentially reducing competition for available properties. 

The persistent supply challenges and affordability issues continue to put pressure on buyers. High borrowing costs and economic uncertainties remain factors to consider, making it crucial for buyers to carefully assess their financial capabilities and set realistic expectations.

Despite these challenges, working closely with a knowledgeable real estate agent and staying informed about market trends can help buyers navigate this market effectively and make informed decisions when searching for their ideal home.

Ottawa Real Estate Statistics: What They Mean for Sellers

For sellers in the Ottawa real estate market, the August 2023 report paints a mixed picture. While there was a slight uptick in sales activity compared to the previous year, the market remains below historical averages for this period.

Sellers should recognize that the market dynamics have shifted, and they might not experience the same level of demand and price escalation seen in earlier phases of the real estate cycle. Setting realistic pricing expectations is crucial in this market.

The increase in inventory and extended days on market means that properties might take longer to sell than they did in the recent past. However, it's worth noting that Ottawa's robust demand continues to underpin the market, and well-priced properties can still attract motivated buyers.

Working with an experienced real estate agent who understands the local market conditions and can use effective marketing strategies is essential for sellers looking to achieve successful outcomes in this evolving real estate landscape.

The Lastest Ottawa Real Estate Statistics: Summary

In summary, the Ottawa resale market in August 2023 shows signs of stability but remains impacted by supply challenges and economic uncertainties. Buyers should continue to be vigilant, while sellers should set realistic expectations. Collaboration among stakeholders and government initiatives aimed at affordable housing will play a crucial role in addressing the ongoing challenges in the Ottawa real estate market.

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