Here are the February 2023 numbers:
- Total number of units sold: 855 – down 39% from 1,411 in February 2022.
- Five-year average unit sales for February: 1,157.
“We’re going to see declines in transactions and prices when we compare current figures to last February — the height of the pandemic resale market activity,” says Ottawa Real Estate Board’s President Ken Dekker. “On the other hand, with the Bank of Canada holding interest rates steady, prospective buyers have more budget certainty to work with as we head into the spring market.”
Here are the specifics for each property class:
- Number of residential-class properties sold: 633 – down 42% from 899 in February 2022.
- Average sale price of a residential-class property: $695,086 – down 14% in February 2022.
- Number of condominium-class properties sold: 222 – down 31% from 291 in February 2021.
- Average sale price of a condominium-class property: $411,449 – down 10% in February 2021.
“A decrease in the days on market, paired with fewer new listings entering the market, is good news for sellers,” says Dekker. “However, if that trend continues to impact our supply stock and we don’t get more inventory, our otherwise balanced market could swing back into seller’s territory — but it’s too early to predict.”
“The best advice for sellers and buyers in today’s market is to pay close attention to the comparison and competition insights only a REALTOR® can offer. Ottawa is made up of many micro-markets, and neighbourhood-level data is vital to standing out and closing deals.”
