It is looking like we may see a more typical spring market as we head into April. Although the average sale prices of homes in Ottawa are down compared to this time last year, there has been an increase in sale prices for freehold properties for the last two consecutive months.

Curious about the local market? Read past Ottawa real estate market updates here.

“The recent rise in transactions is a sign of typical spring activity, even if we’re behind the pandemic peaks of 2022. As spring unfolds, so too will a clearer picture of Ottawa’s balanced market state,” says Ottawa Real Estate Board Presidnt Ken Dekker.

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“As evidenced by the recent climb in freehold prices, Ottawa’s resale market is stabilizing along with the interest rate. Condos remain steady due to their lower price point, there’s more affordability based on the current interest rate structure. Prices are certainly headed in the right direction—if you are looking forward,” states Dekker.

Residential average sale prices decreased by 17% to $710,070 compared to March 2022. Condominium average sale prices decreased by 13% to $418,670.

The average days on market in the residential class experienced a 209% increase to 34 days and a 257% increase to 39 days for condominiums.

839 residential properties were sold in March 2023, a decrease of 40% since last year. Condominiums sold reached 301 which is a 42% decrease.

With the stabilization of interest rates and the steady increase in residential sales it appears that more Buyers are now entering the resale market. “Well-priced and well-prepared homes are selling,” states Dekker.

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