Ottawa is shifting towards a more balanced market with a decrease in the number of August sales since this time last year and the days on market increasing closer to the 30 day benchmark.

“August is a traditionally slower month in Ottawa’s resale market ebb and flow cycle due to summer vacations. Compounding the slowdown in market activity, Buyers are uncertain about their purchasing power given impending additional interest rate hikes,” states Ottawa Real Estate Board President Penny Torontow.

August Stats

Residential average sale prices increased by 5% to $707,712 compared to August 2021. Condominium average sale prices increased by 4% to $421,966.

The average days on market in the residential class experienced a 39% increase to 25 days and a 27% increase to 28 days for condominiums.

850 residential properties were sold in August 2022, a decrease of 27% since last year. Condominiums sold reached 287 which is a 28% decrease.

“Prices are still rising slightly in some areas, albeit lower single-digit percentage increases, bringing back the moderate price-growth stability that is characteristic of the Ottawa resale market. What happened to prices in 2020 and 2021 was unusual. We are moving towards a balanced market state, where Buyers have choices and Sellers need to ensure they are pricing their properties accurately,” Torontow advises.

With this market shift we will likely begin to experience more offers with standard financing and inspection conditions, and less multiple offer scenarios.

Are you planning to buy or sell your home in Ottawa in the near future? Reach out to us today or get a free market home evaluation here to see what your home is worth in today’s market.