Members of the Ottawa Real Estate Board (OREB) sold 1,196 residential properties in August through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,130 in August 2022, an increase of 6%. August’s sales included 903 in the freehold-property class, up 7% from a year ago, and 293 in the condominium-property category, a 2% increase from August 2022. The five-year average for total unit sales in August is 1,525.

“Sales activity was up marginally on a year-over-year basis in August but remained well below the historical average for this time of year," says the OREB President. "There is no shortage of demand given increased immigration and the large Canadian population cohort entering the market. The lack of suitable, affordable housing is a hindrance. High borrowing costs and economic uncertainty are impacting both sellers and buyers, which we expect will continue to result in further market fluctuations.”

Janice Myers, OREB CEO, highlights that these latest figures coincide with the City of Ottawa's allocation of $110 million for affordable housing. “Even if interest rates were to drop and the economy stabilized, housing will remain out of reach for many Ottawa residents. Collaboration among all levels of government and stakeholders is vital to improving affordability for homeowners and tenants alike. And we need to expand provincial regulations, allowing four or more residential dwelling units on serviced lots, to promote higher-density housing.”

By the Numbers

Average Prices*:

• The average sale price for a freehold-class property in August was $709,739, an increase of 0.5% from 2022, and a 5.6% decrease over July 2023 prices.
• The average sale price for a condominium-class property was $425,968 an increase of 1% from a year ago, although 1.4% lower than July 2023 prices.
• With year-to-date average sale prices at $732,220 for freeholds and $432,571 for condos, these values represent an 8% decrease over 2022 for freehold-class properties and a 5.5% decrease for condominium-class properties.

Inventory & New Listings:

• August’s new listings (2,228) increased 7% over August 2022 (2,090) and were on par with last month (2,234). The 5-year average for new listings in August is 2,177.
• Months of Inventory for the freehold-class properties has increased to 3 months from 2.9 months in August 2022 and 2.7 months in July 2023.
• Months of Inventory for condominium-class properties remains on par with August 2022 at 2.2 months, a slight decrease from 2.3 months in July 2023.
• Days on market (DOM) for freeholds have increased to 31 days from 25 days in August 2022 and 26 days in July 2023.
• Days on market (DOM) for condos have increased to 29 days from 28 days in August 2022 and 28 days in July 2023.

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 4,571 properties compared to 4,172 last year at this time, an increase of 10%.

Courtesy of the Ottawa Real Estate Board

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Members of the Ottawa Real Estate Board (OREB) sold 1,263 residential properties in July through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,102 in July 2022, an increase of 15%. July’s sales included 979 in the freehold-property class, up 18% from a year ago, and 284 in the condominium-property category, a 6% increase from July 2022. The five-year average for total unit sales in July is 1,621.

“Both transactions and average prices are up from last July indicating consumers remain confident in the market notwithstanding the two recent quarter-percent interest rate hikes by the Bank of Canada. We’re only a month into the third quarter, but based on July’s positive indicators, we are likely to see solid year-over-year results in the second half,” says Ottawa Real Estate Board President.

By the Numbers – Average Prices*:

• The average sale price for a freehold-class property in July was $754,188, an increase of 5% from 2022, and a 1% increase over June 2023 prices.
• The average sale price for a condominium-class property was $435,094 an increase of 2% from a year ago, although 3% lower than June 2023 prices.
• With year-to-date average sale prices at $735,103 for freeholds and $433,447 for condos, these values represent a 9% decrease over 2022 for freehold-class properties and a 6% decrease for condominium-class properties.

“July’s average prices are showing positive gains over last year, and year-to-date numbers, as expected, are still closing the gap from the peak pandemic market activity of early 2022. Additionally, inventory continues to climb steadily as new listings are added to the housing stock, creating more options for homebuyers. August may be a slower month in Ottawa, but I wouldn’t take a vacation from shopping for your home.”

By the Numbers – Inventory & New Listings:

• July’s new listings (2,234) were 6% lower than July 2022 (2,364) and down 19% from June 2023 (2,755). The 5-year average for new listings in July is 2,336.
• Months of Inventory for the freehold-class properties has decreased to 2.7 months from 2.9 months in July 2022 but increased from 2.1 months in June 2023.
• Months of Inventory for condominium-class properties has decreased to 2.3 months from 2.5 months in July 2022, but is up from 1.4 months in June 2023.
• Days on market (DOM) for freeholds have increased to 26 days from 20 days in July 2022 and 23 days from June 2023.
• Days on market (DOM) for condos have increased to 28 days from 20 days in July 2023 and 27 days in June 2023.

“Although we are in a sellers’ market again, the pandemic’s frenzy has calmed considerably. Sellers need to manage their expectations with true market activity — not every property will automatically see multiple offers or immediate sales. Ultimately, a property’s price is determined by how much a buyer is willing to pay. Using the marketing and negotiation skills of a professional licensed REALTOR® is instrumental for both buyers and sellers in this fluid market.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 3,921 properties compared to 3,528 last year at this time, an increase of 11%.

Courtesy of the Ottawa Real Estate Board

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Members of the Ottawa Real Estate Board (OREB) sold 1,658 residential properties in June through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,493 in June 2022, an increase of 11%. June’s sales included 1,234 in the freehold-property class, up 10% from a year ago, and 424 in the condominium-property category, a 16% increase from June 2022. The five-year average for total unit sales in June is 1,881.

“Although June’s transactions surpassed last year’s, the number of sales, average prices, and new listings declined on a week-to-week basis over the course of the month. Compounded by the typical summer decline in activity, the Bank of Canada’s interest rate adjustment at the beginning of the month may have also flattened the curve,” says Ottawa Real Estate Board President.

By the Numbers – Average Prices*:

• The average sale price for a freehold-class property in June was $746,445, a decrease of 4% from 2022, but still on par with May 2023 prices.

• The average sale price for a condominium-class property was $448,380, an increase of 2% from a year ago and up 1% over May 2023 prices.

• With year-to-date average sale prices at $731,847 for freeholds and $432,885 for condos, these values represent a 10% decrease over 2022 for freehold-class properties and a 7% decrease for condominium-class properties.

“Supply is trending in the right direction. The increase in inventory is encouraging and indicates sellers have confidence in the market. A growing resale housing stock will result in more selection for buyers and more sales.”

By the Numbers – Inventory & New Listings:

• June’s new listings (2,758) were 14% lower than June 2022 (3,212) and down 2% from May 2023 (2,822). The 5-year average for new listings in June is 2,802.

• Months of Inventory for the freehold-class properties has increased to 2.1 months from 1.9 months in June 2022 and 1.5 months in May 2023.

• Months of Inventory for condominium-class properties has decreased to 1.4 months from 1.6 months in June 2022, although up from 1.3 months in May 2023.

• Days on market (DOM) for freeholds stayed on par with last month at 23 days and increased to 27 days for condos compared to last month (26 days).

“We are looking forward to a strong second half of 2023 in terms of sales volume and prices compared to last year. Whichever side of the transaction you are on, the advice of a professional REALTOR® who has their pulse on the week-to-week variabilities in Ottawa’s resale market is priceless.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 3,336 properties compared to 2,919 last year at this time, an increase of 14%.

* Courtesy of the Ottawa Real Estate Board. OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood. 

Members of the Ottawa Real Estate Board (OREB) sold 1,939 residential properties in May through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,830 in May 2022, an increase of 6%. May’s sales included 1,477 in the freehold-property class, up 8% from a year ago, and 462 in the condominium-property category, a 1% increase from May 2022. The five-year average for total unit sales in May is 1,961.

“Typically the highest-selling month, May’s transactions did not disappoint,” says the Ottawa Real Estate Board President. “This month we saw the first year-over-year unit sales volume increase since February 2022. It is a promising year for sellers barring any interest rate adjustments, as we saw a correlated drop in sales every time there was an interest rate hike in 2022.”

“However, with only five to six weeks of inventory, we are in a strong seller’s market. With the pent-up high demand and sales volume increasing, we are likely to see upward pressure on prices as demand continues to outstrip supply.”