Written by: Marcus Noel

Sales Representative / Investor

Spring has arrived, and with it comes the promise of new beginnings and fresh starts. As we welcome the warmer weather, there is no better time to take a fresh look at Ottawa’s real estate market! In this month's newsletter, we will explore the latest trends and opportunities in the housing market, as well as offer tips for buyers and sellers looking to make a move this spring. With Easter just around the corner, we also wanted to wish you, your family, and your friends a safe and happy Easter. We hope your Easter long weekend is filled with joy, love, rest, and plenty of chocolate eggs!

Springtime has traditionally been a busy season in the real estate market, and March was no exception to this trend! Throughout March, members of the Ottawa Real Estate Board (OREB) sold 1,194 residential properties through the Boards MLS System, which is an increase from both January and February when 606 and 855 residential properties were sold respectively. Of the 1,194 residential properties, 893 were in the freehold-property class; meanwhile, 301 were in the condominium-property category. Looking at the numbers from Q1 of 2023, March’s sales transactions skyrocketed by a whopping 40% over February and almost 100% compared to January!

The average sale price for a freehold-class property in March was $710,070, marking a 0.2% increase over February and a 5% increase over January. Average freehold prices have climbed approximately 8% during Q1 2023 over December 2022. Condominium-class properties saw a 2% increase in the last two months with the average sale price rising to $418,670. Year-to-date averages are sitting at $701,837 for freeholds and $414,698 for condos.

Months of inventory for freehold properties has increased to 2.3 months from 0.6 months in March 2022, whereas months of inventory for condos has increased to 2.8 months from 0.6 months this time last year. A market is considered balanced with at least four months of supply, so we are well on our way! Days on market decreased from 37 to 34 days for freeholds and 43 to 39 days for condos compared to last month.

Ottawa’s real estate market is stabilizing, and the recent surge in freehold prices is proof of that. Meanwhile, condos have remained consistent due to their more affordable price point, and with interest rates at a more favorable level, this presents GREAT opportunities for both buyers and sellers!

Prepared homes that are properly priced are selling. Working with a real estate agent that you trust is key. For sellers, I use current stats for accurate market positioning; meanwhile, buyers will benefit from data and my negotiation skills to secure the best value. If you have been thinking of buying or selling, I would love the opportunity to help!

Thank you for reading!

Marcus Noel