August Ottawa Market Update

Written by: Marcus Noel

Sales Representative / Investor


As the warm August breeze sweeps through the city, we are excited to bring you the latest edition of our monthly newsletter! Throughout this newsletter, we will dive into the most up-to-date real estate stats and market shifts, as well as share valuable mortgage insights courtesy of our friend Paul over at Paul Stevenson Mortgages. Whichever side of the transaction you’re on, we are committed to keeping you informed about the ever-changing housing market and providing you with expert insights to help you make well-informed decisions. But before we delve into the stats, we wanted to wish you a safe and happy long weekend! Whether you’re enjoying a relaxing staycation or exploring the beauty of the country’s capital, we hope this newsletter brings some valuable information your way.


In July, members of the Ottawa Real Estate Board (OREB) sold 1,263 residential properties through the Boards MLS System, which represents a 15% increase over July 2022 when 1,102 properties were sold. Of the 1,263 properties sold, 979 were freehold properties and 284 were condos, which is an increase of 18% and 6% respectively over last year. The five-year average for total unit sales in July is 1,621.


The Ottawa Real Estate Board President, Ken Dekker shared that average sale prices and transactions have increased over July of last year, which indicates that consumers remain confident in the market. The average sale price for freehold properties was $754,188, which represents an increase of 5% over 2022 and a 1% increase over June 2023. Meanwhile, the average sale price for condos increased 2% over last year to $435,094, although down 3% over June 2023. Year-to-date average sale prices are sitting at $735,103 for freeholds and $433,447 for condos.

Months of inventory continue to climb as new listings are added to MLS. This is GREAT news, as it means more options for prospective homebuyers! Months of inventory for freehold properties has increased to 2.7 months from 2.1 months in June 2023. Months of inventory for condos also saw an increase and is now at 2.3 months from 1.4 months in June 2023. As a reference, a real estate market is considered balanced when we reach at least 4 months of supply.

MLS saw 2,234 new listings in June, which set the five-year average for new listings in June to 2,336. Days on market (DOM) for freehold properties has increased to 26 days from 23 days in June 2023. Meanwhile, DOM for condos increased to 28 days from 27 days in June 2023.

As a result of the limited available inventory, we continue to be in a strong seller’s market. That being said, not every property that goes on MLS will have multiple offers or will sell immediately. Properties that are accurately priced and that show well are seeing offers. Despite being in a seller’s market, inventory is increasing, which presents a lot of promising opportunities for prospective buyers to enter the market. Whether you’re a prospective buyer or seller, it’s important to work with a realtor that you trust, who has up-to-the-minute market data and has great negotiation skills.
 
Be sure to check out the tables below that show month-over-month data for both freehold and condominium properties!

COMING SOON TO MLS!! We are excited to share that we have two freehold townhomes in Orleans coming to MLS in the upcoming weeks! The first townhome is located at 2189 Mondavi Street and offers 3 bedrooms, 3 bathrooms, beautiful hardwood flooring, tall 9’ ceilings, large windows, a fully finished lower level, a one-car garage, and no rear neighbours! The second property is located at 1120 Ballantyne Drive and features 2 bedrooms, 2 bathrooms, a one-car garage, a fully finished lower level, and a large fenced-in backyard with a deck! Stay tuned for more information! If you would like to schedule a private showing of the properties before they go on MLS, please reach out!

If you have any questions or if you, your family, or your friends are thinking of making a real estate move, I would love the opportunity to help. Curious about what your home is worth in this market? I am offering FREE home evaluations! To schedule, please give me a call at 613-864-6635 or send me an email at [email protected]. I look forward to helping you with your real estate goals.

Thank you for reading!

Marcus Noel