The Ottawa Real Estate Board reports 1,283 residential and condominium properties sold in July 2023 compared to 1,102 in July 2022, representing approximately a 15% increase in units sold. Year to date (as of August 1, 2023) residential unit sales increased by 18% compared to 2022, and condominium unit sales year to date increased 6% when compared with sales in 2022 for the same time period.
The average sale price for residential properties sold in July 2023 was $754,188 compared to $717,504 in July 2022. The average sale price for condominium properties sold in July 2023 was $435,094 compared to $426,128 in July 2022. This year from January to the end of July 2023, the Ottawa average price for residential and condominiums has increased approximately 11.5%.
For Kanata, unit sales in July2023 (residential and condominium) were 126 compared to 91 sales in July 2022 (approximately a 38.5% increase). For greater Stittsville, unit sales in July 2023 (residential and condominium) were 52 units compared to 58 units in July 2022 (approximately a 10.3% decrease).
In Kanata, the average sale price in July 2023 versus July 2022 increased 5.4%, for all housing types. For greater Stittsville, the average sale price July 2023 versus July 2022, increased 17.1%, for all housing types. (Source: July 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, August 1, 2023 – Report#3).
For the full report see “50 Years of Change in the Ottawa Market”
July residential inventory in Ottawa crept up to 2637 homes for sale by the end of the month, about a 20.5% increase when compared to the inventory of residential homes at the end of June 2023, and about a 7.6% increase when compared to July 2022. Condominium inventory rose to 651 active units at the end of July 2023 compared to 608 units in June 2023, about a 7% increase. When compared to active condos at the end of July 2022, condo inventory in July 2023 decreased approximately 5.5%. See the graph.
July’s average prices and number of transactions have both increased in Ottawa, demonstrating confidence in the market despite interest rate changes. Months of inventory for 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. As we move through August, we see families and couples looking to make decisions and get settled for early Fall, especially those moving from out of town. Now is a good time to work on curb appeal and exterior items if you are thinking of putting your home on the market in the Fall and before the weather gets colder. We would be happy to take some pictures of gardens and backyards, feel free to contact us.
Source: 2023 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Tuesday, August 1, 2023 – Report#7).