Ottawa Real Estate Market Update: August, 2023

The resale market stalls in August for the Ottawa real estate market.

In August, we saw a 6% increase in sales volume over August last year and a total of 1196 properties sold. These numbers are still well below the five-year average for properties sold. 

Higher borrowing costs with rates hovering around 6% on average has some buyers and sellers holding back. However, the Bank of Canada's recent September announcement where they held the rate could be a good thing for the fall market. 

The average residential sale price was just under $710 000 and that is a 0.5% increase from last year this time. However, it is just over a 5% decrease from last month. The average condominium sale price was just under $426 000 and that is an increase of 1% from last year this time but a decrease of 1% from last month.

If you are a buyer thinking of making a move in the Ottawa market, review the numbers with your financial person and see what the rates today mean for you monthly. Remember, lower rates and lower prices usually don't go together. It's always better to have a lower purchase price over a lower rate. 

Sellers on the market-be patient. The average days on market for a freehold property has increased to around 30 days. It's more important than ever to have an awesome agent with a comprehensive marketing plan to get your home seen by the most amount of people. The more exposure for your home, the higher chance you have of getting the most money in your pocket. How do we get more people to look at your home? Reach out to chat and find out about my comprehensive marketing plan to get your home sold.