The Ottawa Real Estate Board reports 1,196 residential and condominium properties sold in August 2023 compared to 1,130 in August 2022, representing approximately a 5.8% increase in homes sold. Year to date (as of September 1, 2023) residential unit sales decreased by 12.5% compared to 2022, and condominium unit sales year to date decreased 17.2% compared with sales in 2022 for the same time period.
The average sale price for residential properties sold in August 2023 was $709,739 compared to $706,485 in August 2022. The average sale price for condominium properties sold in August 2023 was $425,968 compared to $421,966 in August 2022. Ottawa August 2023 average prices for residential properties and condominiums were approximately the same as in August 2022 ( a 0.5% increase and a 0.9 % increase respectively).
For Kanata, unit sales in August 2023 (residential and condominium) were 84 compared to 102 sales in August 2022 (approximately a 17.6% decrease). For greater Stittsville, unit sales in August 2023 (residential and condominium) were 59 units compared to 53 units in August 2022 (approximately a 11.3% increase).
In Kanata, the average sale price in August 2023 versus August 2022 increased 10.6% for all housing types. For greater Stittsville, the average sale price August 2023 versus August 2022, increased 1.7%, for all housing types. (Source: August 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, September 1, 2023 – Report#3).
For the full report see “50 Years of Change in the Ottawa Market”
August residential inventory in Ottawa – 1,742 homes and 486 condos were listed for sale in the month of August. 903 homes and 460 condos were sold in August 2023 (see graph). The average cumulative days on market for residential properties in August 2023 was 44 days, a 21.2% increase from August 2022. The average cumulative days on market for condos in August 2023 was 40 days, representing a 11.7% increase from August 2022. In August, Ottawa’s inventory of all types of homes is 2.7 months, an increase from 2.6 months in August 2022 (this represents active listings at months end / monthly sales). To keep this in perspective, Ottawa’s inventory of homes was 1.2 months in August 2021, 1.0 month in August 2020, 3.1 months in August 2018 and 5.2 months in 2016.
With the Bank of Canada holding the prime interest rate and supply slightly increasing, this gives confidence to buyers and sellers for the Fall market. Those that already had mortgage pre-approvals in place but did not purchase in the Summer have good opportunities to find their next property and sell their existing property in a reasonable time frame. Both purchasers and sellers looking to close on their properties before December holiday event time are active in the market. Fall is a great time to showcase a property and also prepare a property for fantastic curb appeal, ask us for some tips if you need help.
Source: 2023 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Tuesday, August 1, 2023 – Report#7). CREA MLS Residential Market Activity for Ottawa, August 2023.