Ottawa’s resale market wrapped up the year on a positive note!

The number of properties sold as well as average sale price for residential homes showcased a slight increase compared to this time last year. ⁠

“Ottawa’s resale market closed out the year in a steady, balanced state,” says OREB President Curtis Fillier. “This could be an early indication that consumer confidence is returning. We likely won’t see the full impact of rate stabilization until the second half of 2024, but December’s activity bodes well for a strong year ahead in Ottawa.”

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“It hasn’t been the easiest market,” says Ken Dekker, OREB’s Past-President. “And while we probably won’t return to the peak levels seen in 2022, Ottawa’s market is poised to recover any ground lost in the past year. Both buyers and sellers need extra patience right now, but solid opportunities are there.”

Residential average sale prices increased by 4% to $682,260 compared to December 2022. Condominium average sale prices decreased by 0.7% to $431,945.

The average days on market in the residential class experienced a 24% increase to 47 days and a 11% decrease to 38 days for condominiums.

625 residential properties were sold in November 2023, a decrease of 5% since last year. Condominiums sold reached 200 which is a 6% decrease.

Though we typically experience a seasonal slowdown during the winter months, December’s activity could be an early indicator for a strong year ahead for Ottawa in 2024!

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Interested in buying or selling this year? Here are some resources that can help:

• When Is the Best Time to Sell My Ottawa Home?
• Strategies to Help First-Time Buyers Enter the Real Estate Market
• 6 Advantages of Buying a Home with an Ottawa Real Estate Agent

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Do you have questions about Ottawa real estate? Reach out today at 613.829.7484 or email mail@chellteam.com, and one of our experts will be happy to help you.