Ottawa’s real estate market experienced a significant upturn as home sales surged for the first time in over a year, marking a notable rebound from the downturn that began in February 2022. Find out why!
Here are the May 2023 numbers:
- Total number of units sold: 1,939 – up 6% from 1,830 in May 2022.
- Five-year average unit sales for May: 1,961.
“Typically the highest-selling month, May’s transactions did not disappoint,” says Ken Dekker, Ottawa Real Estate Board President. “This month we saw the first year-over-year unit sales volume increase since February 2022. It is a promising year for sellers barring any interest rate adjustments, as we saw a correlated drop in sales every time there was an interest rate hike in 2022.
Here are the specifics for each property class:
- Number of residential-class properties sold: 1,477 – up 8% from 1,359 in May 2022.
- Average sale price of a residential-class property: $745,902 – down 7% in May 2022.
- Number of condominium-class properties sold: 462 – up 1% from 457 in May 2021.
- Average sale price of a condominium-class property: $442,859 – down 6% in May 2021.
“We are not seeing steep price escalations yet. May’s average prices stayed on par with April’s, although prices are well over what we saw at the end of 2022. With demand mounting in Ottawa’s chronically undersupplied market, I expect the average sale price will surpass last year’s figures for a month over the same month in the latter half of 2023 again—provided we do not see interest rate hikes.”