Written by: Marcus Noel

Sales Representative / Investor

Ottawa's real estate market is in full swing this Spring! As we kick off the month of May, let's take a closer look at the latest trends and opportunities in Ottawa’s housing market. We will dive into the latest real estate stats and market shifts, provide you with mortgage insights from our friend Paul over at Paul Stevenson Mortgages, as well as offer tips and tricks for buyers and sellers looking to make a move this spring!

March and April typically mark the beginning of a busy season for real estate, and this year is no exception. Throughout April, members of the Ottawa Real Estate Board (OREB) sold 1,488 residential properties through the Boards MLS System, which is an increase over each month of Q1 of 2023! Of the 1,488 residential properties, 1,156 were in the freehold-property class and 332 were in the condominium-property class. 

In just FOUR MONTHS, average house prices have increased by a whopping 13.9%! In April, the average sale price for freehold properties was $747,123, marking a 5% increase over March 2023; meanwhile, the average sale price for condos was $435,875, representing a 4% gain. As of year-to-date, the average sale price for freeholds and condos stands at $718,633 and $421,722, respectively. 

In April there were 2,144 new listings, which is up 3% over March 2023, when we saw 2,090 new listings. The 5-year average for new listings in April is 2,575. Months of inventory for freehold properties have increased to 1.9 months from 0.9 months in April 2022, however, it has decreased from the 2.3 months that we saw in March. Months of inventory for condos are also sitting at 1.9 months, an increase from 0.8 months this time last year, but down from 2.3 months in March. It is considered a balanced real estate market when we reach at least four months of supply. Compared to last month, days on the market (DOM) for freehold properties decreased from 34 to 27 days and from 39 to 33 days for condos. 

According to Ken Dekker, the President of the Ottawa Real Estate Board, “The resale market in Ottawa is consistently improving month to month. Nonetheless, as new listings are not keeping up with the demand, the supply of available housing is decreasing. This means that the market has shifted towards being more favorable to sellers.” That being said, there are still plenty of great opportunities for prospective buyers. Working with a realtor that you trust, who understands the quick shifts in the market, and who has great negotiation skills is key to finding a home that you will love at a great price.

Be sure to check out the tables below that show month-over-month data for both freehold and condominium properties. 

Month-over-Month Data for Freehold Properties:

Month-over-Month Data for Condominium Properties:

If you have any questions regarding the real estate market or if you, your family, or your friends are thinking of making a real estate move, I would love the opportunity to help! 

Thank you for reading! 

Marcus Noel