As we enter the winter season, the Ottawa real estate market is gently slowing down. This comes as no surprise as we typically see a natural ebb during the colder months.

On the flip side, the average sale price for both residential and condominium properties have seen a slight increase compared to this time last year.

“Sales are performing as expected with the arrival of colder months, and an uptick in new and active listings is bringing more choice back into the market,” says OREB President Ken Dekker.

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“While more choice may mean the pace of buying and selling has slowed, that doesn’t mean people looking to enter or upgrade in the market should sit back”, states Dekker. “Prospective buyers or those looking to upgrade have an opportunity to collaborate with their REALTOR® to carefully explore the market, identify the ideal property, and negotiate an attractive deal at their own pace. Sellers will have to manage their expectations regarding the quantity of offers and speed of transactions, and their REALTOR® is the best resource to help them confidently price and prepare their home for a quality sale.”

Residential average sale prices increased by 1.2% to $687,485 compared to November 2022. Condominium average sale prices increased by 1.6% to $422,252.

The average days on market in the residential class experienced a 29% increase to 39 days and a 14% increase to 34 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.

As the real estate market eases into a seasonal slowdown with the approaching holidays, home buyers may be able to leverage this window of opportunity. Historically this time of year often sees a softening of home prices, presenting a favourable opportunity for those looking to make a purchase.

If you have questions about buying or selling in today’s market, we’d love to help! Reach out to 613.829.7484 or mail@chellteam.com to start the conversation.