Here are the March 2023 numbers:
- Total number of units sold: 1,194 – down 40% from 2,003 in March 2022.
- Five-year average unit sales for March: 1,698.
“The recent rise in transactions is a sign of typical spring activity, even if we’re behind the pandemic peaks of 2022. As spring unfolds, so too will a clearer picture of Ottawa’s balanced market state,” says Ottawa Real Estate Board President Ken Dekker.
Here are the specifics for each property class:
- Number of residential-class properties sold: 893 – down 40% from 899 in March 2022.
- Average sale price of a residential-class property: $710,070 – down 17% in March 2022.
- Number of condominium-class properties sold: 301 – down 42% from 291 in March 2021.
- Average sale price of a condominium-class property: $418,670 – down 13% in March 2021.
“As evidenced by the recent climb in freehold prices, Ottawa’s resale market is stabilizing along with the interest rate. Condos remain steady due to their lower price point, there’s more affordability based on the current interest rate structure. Prices are certainly headed in the right direction—if you are looking forward.” “Well-priced and well-prepared homes are selling. Realtors have up-to-the-minute statistics to ensure sellers are positioning themselves at the current market value based on recent sales and hyper-local market comparisons. Buyers can benefit from the same data along with their negotiation expertise to guarantee they are receiving the best value for their dollar.”