Members of the Ottawa Real Estate Board (OREB) sold 1,194 residential properties in March through the Board’s Multiple Listing Service® (MLS®) System, compared with 2,003 in March 2022, a decrease of 40%. March’s sales included 893 in the freehold-property class, down 40% from a year ago, and 301 in the condominium-property category, a decrease of 42% from March 2022. March sales transactions increased 40% over February. The five-year average for total unit sales in March is 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 the Ottawa Real Estate Board President.

By the Numbers – Average Prices:

• The average sale price for a freehold-class property in March was $710,070, a decrease of 17% from 2022. However, it marks a 0.2% increase over February 2023. Average freehold prices have climbed approximately 8% during Q1 2023 over December 2022’s market low.
• The average sale price for a condominium-class property was $418,670, decreasing 13% from a year ago, but still a 2% gain over February 2023.
• With year-to-date average sale prices at $701,837 for freeholds and $414,698 for condos, these values represent a 16% decrease over 2022 for freehold-class properties and an 11% decrease for condominium-class properties.

“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.”

By the Numbers – Inventory & New Listings:

• Months of Inventory for the freehold-class properties has increased to 2.3 months from 0.6 months in March 2022.
• Months of Inventory for condominium-class properties has increased to 2.8 months from 0.6 months in March 2022.
• March’s new listings (2,089) were 21% lower than March 2022 (2,632) and up 53% from February 2023 (1,366). The 5-year average for new listings in March is 2,474.
• Days on market (DOM) for freeholds decreased from 37 to 34 days and 43 to 39 days for condos compared to last month.

“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.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 1,599 properties compared to 1,291 last year at this time, an increase of 24%.

Courtesy of the Ottawa Real Estate Board

TRU Realty is proud to introduce our newest member, Ziba Feizi, who has been licensed as a Realtor for over 15 years. Ziba brings a wealth of experience and knowledge to our team and specializes in luxury real estate, residential sales, and residential leasing.

Ziba's expertise and experience have allowed her to assist many diplomats in relocating to the National Capital region. Her ability to understand their unique needs and provide tailored solutions has made her a trusted advisor to many high-profile clients.

As a specialist in luxury real estate, Ziba has a keen eye for detail and a deep understanding of market trends. She takes the time to listen to her clients' needs and works diligently to find them the perfect property. Whether you are looking for a luxurious mansion or a cosy townhome, Ziba has the expertise to help you find your dream home.

Ziba's dedication to her clients extends beyond the initial sale or lease. She believes in building lasting relationships and providing ongoing support to ensure her clients are happy with their purchase or rental property. Her commitment to excellence has earned her a reputation as a reliable and trustworthy Realtor.

At TRU Realty, we are excited to have Ziba Feizi join our team. Her professionalism, experience, and expertise make her an invaluable asset to our organization. If you are looking to buy, sell, or rent a luxury property in the National Capital Region, Ziba Feizi is the Realtor to call.