Ottawa Real Estate Market Update: July, 2023

No summer slowdown in July for the Ottawa real estate market! 

Ottawa Real Estate Board members sold 1263 properties in July. More importantly, that shows the sales volume and the average prices are up over July, 2022. 

The average residential sale price was just over $754 000 and that's an increase of 5% from last year this time and a 1% increase from last month. The average condominium sale price is just over $435 000 and that's an increase of 2% from last year this time.

There is more inventory on the market but it's not enough to be in a balanced market yet. However, home buyers do have more choice which naturally increases the days on market slightly. Freehold properties are averaging 28 days on market. 

Will we see a typical summer slowdown in August? July's activity says otherwise but, that could be because of the recent interest rate hike. When the rate gets increased, it can cause home buyers with existing preapprovals to gain a sense of urgency since they have locked in rates. When a person is provided a preapproval, they are given a secured rate and a certain timeline with which that preapproval and rate will expire. As a result, home buyers were out to find the right home before the timeline expired. 

If you are a buyer or seller in the Ottawa market and have questions, reach out to chat. I'm here to help!

Happy summer!

*data taken from the Ottawa Real Estate Board’s monthly update