Here are the June 2023 numbers:
- Total number of units sold: 1,658 – up 11% from 1,493 in June 2022.
- Five-year average unit sales for June: 1,881.
“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.
Here are the specifics for each property class:
- Number of residential-class properties sold: 1,234 – up 10% from 1,110 in June 2022.
- Average sale price of a residential-class property: $746,445 – down 4% in June 2022.
- Number of condominium-class properties sold: 424 – up 16% from 356 in June 2021.
- Average sale price of a condominium-class property: $448,380 – up 2% in June 2021.
“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.