Market Update
The Ottawa Real Estate Board reports 1,488 residential and condominium properties sold in April 2023 compared to 1,876 in April 2022, representing approximately a 21% decrease in units sold. Year to date (as of April 1, 2023) residential unit sales declined by 32.4% compared to 2022, and condominium unit sales year to date decreased 36.7% when compared with sales in 2022 for the same time period.
The average sale price for residential properties sold in April 2023 was $747,123 compared to $827,511 in March 2022. The average sale price for condominium properties sold in April 2023 was $435,875 compared to $474,045 in April 2022. However, “looking at the stats for the first four months of 2023, average prices have increased by 13.9% since the market low in December 2022.”
For Kanata, unit sales in April 2023 (residential and condominium) were 135 compared to 164 sales in April 2022 (approximately a 17.7% decrease). For greater Stittsville, unit sales in April 2023 (residential and condominium) were 80 units compared to 82 units in April 2022 (approximately a 2.4% decrease).
In Kanata, the average sale price in April 2023 versus April 2022 decreased 10.5%, for all housing types. For greater Stittsville, the average sale price April 2023 versus April 2022, decreased 12.7%, for all housing types. (Source: April 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, May 1, 2023 – Report#3).
For the full report see “50 Years of Change in the Ottawa Market”
April residential inventory in Ottawa crept up to 2140 homes for sale by the end of the month, about a 4.69% increase when compared to the inventory of residential homes at the end of March 2023, however about a 63.23% increase when compared to April 2022. Condominium inventory rose to 620 active units at the end of April 2023 compared to 631 units in March 2023, relatively flat, about a 1.7% decrease. When compared to active condos at the end of April 2022, condo inventory in April 2023 increased 56.56%.
Ottawa has less than 2 months of inventory and this is resulting in some price pressure in specific neighborhoods and types of housing, moving the market back into seller’s market territory. Keep in mind the stats are averages, which means you need to look at specific neighborhoods to see what is really happening. April’s new listings (2,144) in Ottawa were 25% lower than April 2022 (2,843) and up 3% from March 2023 (2,089). Now is a good time to put your home to market and show off yards, gardens, views and get a Summer closing date. Please let us know if you would like a complimentary market evaluation, assistance in getting your home ready or would like discuss a home purchase plan! Source: 2023 – Ottawa Real Estate Board Inventory by Month – All Property Classes, Monday, May 1st, 2023 – Report#7).