Ottawa Real Estate Statistics: January 2023

The Latest Ottawa Real Estate Statistics

The Ottawa real estate market saw a slow start in the new year, with members of the Ottawa Real Estate Board (OREB) selling 606 residential properties in January through the Board’s Multiple Listing Service® (MLS®) System, compared to 933 in January 2022, a decrease of 35%. The Ottawa real estate statistics showing a decline in unit sales over the previous year suggests that potential home buyers are taking their time and being cautious in uncertain conditions.

While last month marked the culmination of a succession of interest rate hikes announced by the Bank of Canada, affordability remains a factor that is keeping some buyers on the sidelines. The buyers are likely waiting for a shift in listing prices before making any investment decisions.

Ottawa real estate statistics show the five-year average for total unit sales in January is 819, indicating that the current market is below the average. “January’s marked slow down in unit sales over 2022 indicates potential home buyers are taking their time,” says OREB President Ken Dekker. “They’re being cautious in uncertain conditions.”

The Latest Ottawa Real Estate Statistics: Prices

Ottawa real estate statistics show the average sale price for a freehold-class property was $676,272, decreasing 12% from a year ago. The average sale price for a condominium-class property in January was $412,244, a decrease of 8% from 2022. Despite the decrease in average prices, the market should not be considered on a downward slide, says Dekker. “A hyper COVID-19 seller’s market is now leveling out to our current balanced market state.”

It is important to note that the Ottawa real estate statistics average price of freehold properties increased by 3% in comparison to December’s figures. The average price of condos did fall by 5% compared to December, but condo pricing tends to fluctuate more due to the small data set.

The Latest Ottawa Real Estate Statistics: Months of Inventory

Ottawa real estate statistics months of inventory for the freehold-class properties has increased to 3.8 months from 0.9 months in January 2022, while months of inventory for condominium-class properties has increased to 3.8 months from 0.8 months in January 2022. This increase in inventory is a boon for home buyers who now have more selection and the ability to put in conditions at a less frantic pace.

January’s Ottawa real estate statistics of new listings (1,324) were 16% higher than 2022 (1,142) and up 89% from December 2022 (699). The 5-year average for new listings in January is 1,233. This surge in new listings and supply is a positive development for home buyers, who now have more options and the ability to put in conditions at a less hectic pace. REALTORS® are an essential resource in finding the right property for the right buyer.

“Ottawa’s inventory and days on market figures are typical for a balanced market and another sign that buyers are no longer racing to put in an offer,” says Dekker. “On the other side of the transaction, REALTORS® can help sellers with hyper-local insights about how to sell in their neighbourhood at a time when pricing is key.”

Despite the increase in housing stock, the tighter rental market is another indication that affordability is keeping some potential buyers on the sidelines. More people are turning to REALTORS® for help renting properties — 509 this month compared to 410 in January 2022, an increase of 24%.

Ottawa Real Estate Statistics: Overview

Ottawa real estate statistics show that the city experienced a slow start in January 2023 as potential buyers remain cautious in uncertain conditions. The decrease in unit sales over the previous year suggests that buyers are waiting for a shift in listing prices before making investment decisions. Despite the decrease in average prices, the market should not be considered on a downward slide, as the hyper COVID-19 seller’s market is now balanced. 

Ottawa Real Estate Statistics: What they mean for Buyers

If you're a prospective homebuyer in the Ottawa area, the recent market update from the Ottawa Real Estate Board (OREB) should not be overlooked. These Ottawa real estate statistics provide a valuable insight into the current state of the real estate market in the region and offer important information that can help inform your buying decision.

For instance, the fact that sales have decreased by 35% compared to last year could indicate that buyers are being more cautious and waiting for a shift in listing prices. Ottawa real estate statistics can help you as a buyer to understand the market and potentially make more informed decisions about timing and pricing.

Additionally, the increase in months of inventory for both freehold and condominium-class properties may indicate a shift towards a more balanced market, which can provide more options and negotiating power for buyers. With more supply available and less competition, you may be able to take your time when making your purchase decision and not feel pressured to put in an offer quickly.

The increase in new listings also provides more options for buyers, which can be helpful when trying to find the right property. This could lead to more selection and potentially more bargaining power when it comes to negotiating prices and conditions.

While Ottawa real estate statistics show the average sale prices have decreased for both freehold and condominium-class properties compared to last year, it's important to remember that this doesn't necessarily indicate a downward slide in the market. The decrease in prices could be due to a variety of factors such as changing economic conditions, interest rates, and the availability of supply. However, it's important to keep in mind that the real estate market can be unpredictable and prices can fluctuate rapidly.

Overall, the market update from OREB provides valuable information for buyers to consider when making their purchase decision. By staying informed about the state of the market, you can better understand the trends and factors that may impact your ability to purchase a property. Whether you're a first-time homebuyer or an experienced investor, understanding Ottawa real estate statistics is an essential part of making a smart real estate investment.

If you're in the market for a new property, it's important to work with an experienced and knowledgeable real estate agent who can help guide you through the process. A good agent can help you navigate the complexities of the market, provide valuable insights, and help you make informed decisions about your purchase. With the right support, you can find the perfect property that meets your needs and budget, and ultimately make a smart investment in your future.

Ottawa Real Estate Statistics: What they mean for Sellers

If you're considering selling your property in the Ottawa area, then you'll definitely want to pay attention to the latest Ottawa real estate statistics. As a seller, staying informed about the local real estate market is essential to making smart decisions when it comes to pricing, marketing, and negotiating the sale of your home.

The most recent OREB market update for January 2023 revealed that the resale market in Ottawa has started slow due to buyers being cautious, with total unit sales down 35% compared to January 2022. The average sale price for a freehold-class property has decreased by 12% from a year ago, while the average sale price for a condominium-class property has decreased by 8%. However, it's important to note that the market should not be considered on a downward slide, as the hyper COVID-19 seller’s market is now leveling out to a more balanced market state.

For sellers, understanding these Ottawa real estate statistics can provide valuable insights into how to approach the sale of your property. Here are some key takeaways that sellers should keep in mind when reviewing the latest market update:

Set realistic expectations for pricing: With the average sale price for freehold and condominium-class properties decreasing from a year ago, it's important to have a realistic understanding of what your property is worth in the current market. Working with a real estate agent who has a deep understanding of the local market can help you set a fair price that will attract buyers while still maximizing your returns.

Be prepared for a longer time on market: The increase in Months of Inventory for both freehold-class and condominium-class properties means that there are more homes for sale and less competition among buyers. This translates to a longer time on the market for sellers. Knowing this in advance can help you prepare for the process of selling, allowing you to be patient and avoid making rushed decisions.

Work with a real estate agent who can help you market your property: With an increase in new listings, it's more important than ever to ensure your property stands out from the crowd. An experienced real estate agent can help you prepare your home for sale, market it effectively, and negotiate with buyers to help you achieve your desired outcome.

In conclusion, if you're planning on selling your property in the Ottawa area, it's essential to stay up-to-date with the latest Ottawa real estate statistics. By understanding the market and working with a real estate professional, you can maximize your chances of achieving a successful sale and getting the best possible price for your property.