The Ottawa Real Estate Board reports 1,939 residential and condominium properties sold in May 2023 compared to 1,830 in May 2022, representing approximately a 6% increase in units sold. Year to date (as of May 1, 2023) residential unit sales decreased by 23.4% compared to 2022, and condominium unit sales year to date decreased 28.3% when compared with sales in 2022 for the same time period.
The average sale price for residential properties sold in May 2023 was $745,902 compared to $802,232 in May 2022. The average sale price for condominium properties sold in May 2023 was $442,859 compared to $473,235 in May 2022. Keep in mind the market peaked in the Spring of 2022. This year from January to the end of May 2023, the Ottawa average price for residential and condominiums has increased approximately 10%.
For Kanata, unit sales in May 2023 (residential and condominium) were 190 compared to 166 sales in May 2022 (approximately a 14.5% increase). For greater Stittsville, unit sales in May 2023 (residential and condominium) were 105 units compared to 84 units in May 2022 (approximately a 25% increase).
In Kanata, the average sale price in May 2023 versus May 2022 decreased 7.6%, for all housing types. For greater Stittsville, the average sale price May 2023 versus May 2022, decreased 13.8%, for all housing types. (Source: May 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, June 1, 2023 – Report#3).
For the full report see “50 Years of Change in the Ottawa Market”
May residential inventory in Ottawa crept up to 2286 homes for sale by the end of the month, about a 6.9% increase when compared to the inventory of residential homes at the end of April 2023, however about a 36.9% increase when compared to May 2022. Condominium inventory rose to 606 active units at the end of May 2023 compared to 620 units in April 2023, relatively flat, about a 2.2% decrease. When compared to active condos at the end of May 2022, condo inventory in May 2023 increased 28.1%. See the graph.
Ottawa is now back into a Seller’s market in many neighborhoods and in certain types of housing with only five to six weeks of Ottawa inventory. We are likely to see upward price pressure, however, we also know that interest rates increases in 2022 have had an impact on unit sales. We are seeing July and August closing dates now, so if you are thinking of making a change this Summer or early Fall now is a good time to get started. We are happy to update you on your neighborhood market activity, discuss steps to help you get ready, complete a market evaluation or develop a home purchase plan!
Source: 2023 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Thursday, June 1st, 2023 – Report#7).