In June 2023, the number of properties sold in Ottawa exceeded last year at this time with a slight decrease in average sale prices.

“Although June’s transactions surpassed last year’s, the number of sales, average prices, and new listings declined on a week-to-week basis over the course of the month. Compounded by the typical summer decline in activity, the Bank of Canada’s interest rate adjustment at the beginning of the month may have also flattened the curve,” says Ottawa Real Estate Board President Ken Dekker.

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“Supply is trending in the right direction. The increase in inventory is encouraging and indicates sellers have confidence in the market. A growing resale housing stock will result in more selection for buyers and more sales,” Dekker suggests.

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Residential average sale prices decreased by 4% to $746,445 compared to June 2022. Condominium average sale prices decreased by 2% to $448,380.

The average days on market in the residential class experienced a 55% increase to 23 days and a 87% increase to 27 days for condominiums.

1,234 residential properties were sold in June 2023, an increase of 10% since last year. Condominiums sold reached 424 which is a 16% increase.

In conclusion, it is typical for the summer season to experience a slowdown due to increased vacations. However, expectations are optimistic for a robust second half of 2023 in terms of sales volume and prices compared to the previous year.

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