Monthly Ottawa Resale Home Sales Stats

Ottawa real estate market sales information and statistics

Based on the summer market, the outlook for the fall market is encouraging and it looks like we will be looking at a pretty active fall market!

The third consecutive interest rate drop is welcome news and it should help both buyers and sellers.

More homes are coming on the market compared to the same time last year.

Based on the number of days I have seen that it is taking for homes to sell, the increased selection has buyers taking more time to look and decide.

Want more information, do not hesitate to ask! I am happy to help.

In June, there was a slight increase in the number of homes sold, compared to June 2023.

The Ottawa market remains steady. In most neighbourhoods, there is more choice for buyers,

The median days on market ( the number of days from the date the house is listed until it is sold ) is 18. Anything under 60 days is considered a seller's market. In June homes sold for an average of 98.7% of the asking price.

Right now, with the current number of homes available on the market, based on the current number of sales per month, there are enough homes available to last 2.5 months. We refer to this as months of inventory.

With an increase of home sales in July of 13.6%, compared to July of 2023, the market is encouraging.

The summer months are typically slower, and this bodes well for the early fall market.

There are a few factors helping the Ottawa market. First, an increase in the number of homes that came on the market in July.

We saw 2231 new listings which is 17.1% higher than what came on the market in July 2023.

The other factor that has helped, is the 2 consecutive interest rate cuts by the Bank of Canada, of the key lending rate.

Well priced homes are selling close to asking, within an average of 3%. In some cases, there are still some instances of multiple offers.

So, if you are looking to buy or sell, it is a good time! There is some flexibility for buyers and if you are selling, buyers are out looking.

The Ottawa market is mostly a balanced market, however, for some properties , like townhomes, the market is closer to a seller's market.

More homes are coming on the market (there were 40.5% more homes that came on the market this April compared to April 2023), which is good for buyers, and they are selling, which is also good for sellers.

The news is good for a few reasons, for sellers, the average price is up 1.5% over last year, which is also good news for buyers. This is a less impactful increase compared to the increases during Covid.

There are more homes available, so buyers have more choice, however, there is still an overall lack of homes and it looks like that will be the case for the near future.

The Bank of Canada lowering the key interest rate is good news,. But... if you are a buyer waiting for another rate drop, keep in mind, that will most likely lead to more buyers and multiple offers with the amount of homes available. So whatever you may save in interest costs, will be offset by the higher price you will have to pay for the house.
Now is the time to make your purchase! .

Don't forget! If you are pre-approved and you buy your home in the next week or so, and you do not take possession for a couple of months, it is likely that if the rate goes down before your possession date, you will benefit from the lower rate. As you have already bought your home, you will not be competing for a home when the rate does drop. Check with your lender to verify.

As we moved into March, the resale housing market was balanced. Even with the balanced market, I am still seeing some homes receive multiple offers.

There were 29.5 % more new listings in February 2024 compared the same month in 2023.

Even though it isn't expected that the Bank of Canada will lower the key interest rate until June or July, it is good news that they announced this Wednesday, that they held the rate at 5%.

As a first time buyer, there are options available, to help you become a home owner.

The upward trend continues as we are seeing more sales compared to last year at this time.

If you are a buyer, I would not wait. The market is balanced, however, as we move into spring, more buyers will be looking which could put pressure on prices, and interest rates are not expected to drop until mid to late summer.

Home sales are up compared to January 2023 and that is a good sign.

I am seeing more homes coming on the market, which is good news for buyers, as is the fact that the Bank Of Canada has been holding their key lending rate, and some banks have lowered their fixed rates.

What I am also seeing, is that if homes are well priced to the market, they are selling. within the median days on market, the number of days from the day the house is listed, until the day it sells firm. Right now that is 43 days.

The October resale numbers are in!

The number of sales is in a slow decline, typical for this time of the year. Prices are also coming down to a degree.

This is the time of year where buyers are still looking and it is a great time for them with more homes available and the price adjustments.

If you would like more detailed information, just let me know.

July was a strong month for the resale market. Things are trending up, and the year to date numbers are shrinking the gap from the peak pandemic time.

Consumers are showing their confidence, despite the two recent interest rate hikes. With more homes coming on the market, buyers have more choice.

August is typically a slower month due to vacations and some people getting ready for back to school. However, August provides the perfect opportunity, so don't miss out!

Mon Sept 11 /23

The market is up a little compared to the same period last year. It is typical in the summer months, to have fewer homes sold.

Now that summer is behind us, the market should pick up. Depending on which area you are in, there is more choice for buyers.

With the Bank of Canada holding the key lending rate, and the drop in prices from July of 5.6% for freehold homes and 1.4%for condos, buyers are getting some relief.

If you are selling and you prepare your home and have it priced for the market, you can expect to sell in around 31 days. In some areas, it is closer to 21 days. Still a strong market, albeit more balanced.

Here are the resale (existing) home sales for September. The same number of homes sold this September as September 2022.

We are in a balanced market and in many markets, there has been an increase in listings.

If you would like more detailed information, just let me know.

We are still in a stable and strong market in Ottawa.

Some other key numbers: The average freehold sale price is up 5% compared to March of this year, and the Condo home sales price is up 4%.

Since December 2022, when prices were at a market low, they have increased an average of 13.9%.

The spring market is picking up, however, the number of homes available is still low, putting pressure on prices and we are seeing cases of multiple offers in some neighbourhoods in some price ranges.

The average days on market ( DOM ), the time from when the home was listed, until it sold firm, meaning the conditions have been met and fulfilled, has gone down from 34 to 27 days for freehold homes, and from 39 to 33 days for condo homes.

If you want more information, send a direct message or email and I would be happy to answer your questions.

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Ottawa home sales, May 2023

May is usually the month where we see the highest number of home sales. This May was typical, and it was the first month this year, where sales were up over the same month the previous year.

It is a favourable year for sellers so far. As long as interest rates hold, it should continue to be a strong market.

Right now, there are around 5 to 6 weeks of available homes on the market. That means, that with the current number of sales each month, there are enough homes for approximately 5 to 6 weeks.

This has caused multiple offer situations again in some areas and is putting pressure on home prices.

If you are going to buy your home, now may be the time to do so. The average sales price in May remained about the same as in April. However, prices are up substantially over what they were at the end of 2022.

Prices did go up from March to April by approx. 5%, from February to March by approx. .2%, and from January to February by approx.. 5%

Sales in June 2023 were up over June 2022. Typical of the month, and the kick off of summer, the number of sales and new listing coming onto the market, declined towards the end of the month.

The indications are that the second half of 2023 will be strong and will be good for both buyers and sellers.

January 2023 Ottawa home sale stats

Even with the reduced number of sales, the Ottawa resale market remains strong.

Now that we are in a balanced market, we are no longer seeing the sale prices that occurred during the " Covid" period. Prices have settled, however, that should not be seen as a market downward slide. There are still homes selling over asking, just not to the degree which we saw a year ago.

There were 16% more listings that came on the market this January, compared to January 2022.
That is good news for buyers!

Right now, we are still in a balanced market, which is good news all around.

The spring market is around the corner, so we will see how the number of available homes changes.

Right now, homes are selling on average, in 37 days for freehold homes, and 43 days for condos, from the day they come on the market. That is down 6 days from last month for freehold homes and down 4 days for condos.

For freehold homes, although the average sale price is down from February 2022, the average sale price is up by 5% over last month.

If you have any questions, please send me a message.

Have a great day!

March 2023 Ottawa Home Sales Stats

Freehold home prices have stabilized, as has the interest rate, with the bank of Canada holding the rate on April 12^th. Freehold home sales prices have risen in both February, 5% higher than January, and in March, 0.2 % higher than February.

Condominiums are a great option as they remain more affordable than Freehold homes. Condominiums aren’t strictly apartments. There are also stacked and row house condominiums.

The number of sales has gone up month over month as we head into the spring market.

If you would like more information, please contact me.

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Steve Sicard REALTOR® | SRES®

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14 Chamberlain Ave Suite 101 Ottawa, Ontario K1S 1V9

Monthly Ottawa Resale Home Sales Stats

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