The Latest Ottawa Real Estate Statistics

The Ottawa Real Estate Board (OREB) reports that the resale housing market is on a steady upward trajectory, favoring sellers. In April 2023, OREB members sold 1,488 residential properties, a decrease of 21% from April 2022. Despite the decrease in sales, the available housing stock is declining, pushing the market into seller's territory, with less than two months of inventory.

“Ottawa’s resale market is on a steady upward trajectory, narrowing the comparison gap to peak pandemic activity in 2022. However, with new listings not keeping pace, the available housing stock is declining, and with less than two months of inventory — we’re back into seller’s market territory,” says Ottawa Real Estate Board President Ken Dekker.

The Latest Ottawa Real Estate Statistics: Prices

By the Numbers – Average Prices:

• Average prices have increased by 13.9% in four months since the market low in December 2022.
• The average sale price for a freehold-class property in April was $747,123, a decrease of 10% from 2022. However, it marks a 5% increase over March 2023.
• The average sale price for a condominium-class property was $435,875, decreasing 8% from a year ago, but still a 4% gain over March 2023.
• With year-to-date average sale prices at $718,633 for freeholds and $421,722 for condos, these values represent a 13% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.

The Lastest Ottawa Real Estate Statistics: Housing Inventory

By the Numbers – Inventory & New Listings:

• April’s new listings (2,144) were 25% lower than April 2022 (2,843) and up 3% from March 2023 (2,089). The 5-year average for new listings in April is 2,575.
• Months of Inventory for the freehold-class properties has increased to 1.9 months from 0.9 months in April 2022 but down from 2.3 months in March.
• Months of Inventory for condominium-class properties has increased to 1.9 months from 0.8 months in April 2022, although down from 2.1 months in March.
• Days on market (DOM) for freeholds decreased from 34 to 27 days and 39 to 33 days for condos compared to last month.

This slow pace of new listings is affecting the supply of certain property classes. The months of inventory for both freehold-class and condominium-class properties have increased since April 2022 but decreased from March 2023.

Ottawa Real Estate Statistics: Overview

Real estate agents are advised to give buyers and sellers a more comprehensive picture of the market's day-to-day changes and make data-informed decisions. Overall, the Ottawa housing market is shifting towards sellers, with low inventory and increasing sale prices.

Ottawa Real Estate Statistics: What They Mean for Buyers

For buyers, the current housing market in Ottawa may present some challenges. The low inventory means that there are fewer options available, which could lead to bidding wars and higher sale prices. The report also indicates that the average sale prices for both freehold and condominium-class properties have increased in recent months.

However, with the help of a skilled real estate agent, buyers can navigate the market and find suitable properties that fit their needs and budget. Buyers should be prepared to act quickly and make competitive offers in order to secure a property in this fast-paced spring market. It's important for buyers to remain patient and work with their agent to make informed decisions based on current market conditions.

Ottawa Real Estate Statistics: What They Mean for Sellers

The Ottawa Real Estate Board's report indicates that the resale housing market is currently favoring sellers, with less than two months of inventory available. This means that sellers may have an advantage in negotiations and could potentially sell their properties more quickly.

The report also highlights an increase in average sale prices for both freehold and condominium-class properties in recent months, further benefiting sellers.

However, it's important to note that this report is a snapshot in time and the market can change quickly. Therefore, sellers are advised to work with a knowledgeable real estate agent to make informed decisions based on current market conditions.

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