The Ottawa Real Estate Board reports 1,194 residential and condominium properties sold in March 2023 compared to 2,003 in March 2022, representing approximately a 40% decrease in units sold. Year to date (as of March 1, 2023) residential unit sales declined by40% compared to 2022, and condominium unit sales year to date decreased 42% when compared with sales in 2022 for the same time period. Keep in mind, these comparisons are with the market peak in 2022. Sales transactions increased 40% over February, 2023, a good sign for the Ottawa spring real estate market.
The average sale price for residential properties sold in March 2023 was $710,070 compared to $854,152 in March 2022. The average sale price for condominium properties sold in March 2023 was $418,670 compared to $479,663 in March 2022.
For Kanata, unit sales in March 2023 (residential and condominium) were 81 compared to 132 sales in March 2022 (approximately a 38.6% decrease). For greater Stittsville, unit sales in March 2023 (residential and condominium) were 59 units compared to 89 units in March 2022 (approximately a 33.7% decrease).
In Kanata, the average sale price in March 2023 versus March 2022 decreased 15.9%, for all housing types. For greater Stittsville, the average sale price March 2023 versus March 2022, decreased 16.6%, for all housing types. (Source: March 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, April 1, 2023 – Report#3).
For the full report see “50 Years of Change in the Ottawa Market”
March residential inventory in Ottawa crept up to 2046 homes for sale by the end of the month, about a 15% increase when compared to the inventory of residential homes at the end of February 2023, however about a 110.0% increase when compared to March 2022. Condominium inventory rose to 632 active units at the end of March 2023 compared to 558 units in February 2023, about a 13%. When compared to active condos at the end of March 2022, condo inventory in March 2023 increased 120%.
With approximately 2.3 months of residential inventory and 2.8 months of condo inventory on the market, compared to 0.6 months in March 2022 for both residential homes and condos, the Ottawa real estate market is in a balanced market. Keep in mind the stats are averages, which means you need to look at specific neighborhoods to see what is really happening. Note the average residential/freehold prices have increased approximately 8% during the first quarter of 2023 over December 2022’s market low. Condominium average sale prices have increased 2% over February 2023.
We are monitoring the Ottawa market and specific neighborhoods closely. If you would like an update on your neighborhood or one that you are interested in, please feel free to contact us.
Source: 2023 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Monday, April 3, 2023 – Report#7).