Exciting news for the Ottawa real estate market! For the first time in 2023 we have seen an increase in average sale prices and in number of properties sold since the same time last year.

“Both transactions and average prices are up from last July indicating consumers remain confident in the market notwithstanding the two recent quarter-percent interest rate hikes by the Bank of Canada. We’re only a month into the third quarter, but based on July’s positive indicators, we are likely to see solid year-over-year results in the second half,” says Ottawa Real Estate Board President Ken Dekker.

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“July’s average prices are showing positive gains over last year, and year-to-date numbers, as expected, are still closing the gap from the peak pandemic market activity of early 2022. Additionally, inventory continues to climb steadily as new listings are added to the housing stock, creating more options for homebuyers. August may be a slower month in Ottawa, but I wouldn’t take a vacation from shopping for your home.”

Residential average sale prices increased by 5% to $754,188 compared to July 2022. Condominium average sale prices increased by 2% to $435,094.

The average days on market in the residential class experienced a 29% increase to 26 days and a 39% increase to 28 days for condominiums.

979 residential properties were sold in July 2023, an increase of 18% since last year. Condominiums sold reached 284 which is a 6% increase.

The positive figures in July indicate the likelihood of robust year-over-year results as we head into the latter half of 2023.

Do you have more questions about the Ottawa market? Give us a call at 613.829.7484 or email us directly at mail@chellteam.com today!