Hello and Welcome to our September 2023 Market Stats Update!
In this edition of the September 2023 update/newsletter, we will go over the trends that happened within the Ottawa Real Estate Market.
A Stalled Market
The Ottawa real estate market has long been a beacon of stability and growth in Canada. It’s important to take a closer look at the unique dynamics shaping the real estate landscape in the nation’s capital. In this blog post, we will provide a comprehensive update on the Ottawa real estate market.
This month there were minimal differences in terms of average prices of free-holds and condominiums compared to August 2022. For freehold properties, the average price went up by 0.5% to $709, 739. Condominiums went up by 1% to $425,968
Unlike last month, August saw an increase in new listings by 7%. We had 2,228 new listings in August 2023 in comparison with August 2022 with 2,090
The number of sold properties is still increasing in comparison to last year’s numbers. With an increase of 7%, August 2023 saw 903 freeholds sold. Condos saw a growth of 2% to 293 units sold.
Another growth is seen in this market update. Condos saw a minimal increase at 29 days from 28 days in August 2022. On the other hand, freeholds saw an increase of 6 days, from 25 days in August 2022 to 31 days in August 2023
As per the OREB’s(Ottawa Real Estate Board) president, Ken Dekker, sales activity in August 2023 had a growth on a year-over-year basis, however, the numbers are still well under the historical average for this time of the year. The demand is still high due to an increase in immigration and a growing Canadian population. Market fluctuations are being affected by the lack of suitable and affordable housing. In addition, there are now high borrowing costs and economic uncertainty.
It’s essential to navigate the market with a keen understanding of current trends, local dynamics, and key factors influencing the landscape. As interest rates remain unstable and government policies evolve, those looking to buy, sell, or invest in Ottawa’s real estate market must stay informed and adaptable. In the months ahead, vigilance and strategic decision-making will be invaluable for capitalizing on the unique opportunities that the Ottawa real estate market has to offer.