The Ottawa real estate market is showing signs of stabilization and improvement with an increase in average sale price for freehold and condominium properties by 13.9% since the low of December 2022.

“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.

“Upward pressure on sales prices continues with average prices increasing for the fourth month since the market low in December,” states Dekker. “Additionally, multiple offer situations have returned to certain neighbourhoods and overall days on market are maintaining their downward trend. There continues to be low inventory in certain property classes and new product is coming to the market at a slower rate, which is affecting supply.”

Residential average sale prices decreased by 10% to $747,123 compared to April 2022. Condominium average sale prices decreased by 8% to $435,875.

The average days on market in the residential class experienced a 188% increase to 27 days and a 220% increase to 33 days for condominiums.

1,156 residential properties were sold in April 2023, a decrease of 18% since last year. Condominiums sold reached 332 which is a 29% decrease.

In conclusion, we are experiencing a more typical Sellers market as we head into May 2023 with an increase in sale prices and some neighbourhoods experiencing multiple offers again. This is especially true for properties that are presented well and priced competitively.