Ottawa Real Estate Market Update: June, 2023

The number of properties sold in Ottawa is up again for the month of June! Let’s chat about what’s happening in the Ottawa real estate market. 

There was an 11% increase in properties sold compared to this time last year. Keep in mind that last year this time, it was the beginning of interest rate hikes and fear took over the market. Sales halted. 

The average freehold property sold just over $746 000 and that is a decrease of 4% from last year this time. The average condominium property sold at just over $448 000 and that is an increase of 2% from last year this time.

Inventory has increased. However, in certain areas and certain types of properties, it can still be hard to find. The average days on market remains at 23 days for freehold properties.

Summer is officially here and historically, this is often the time we start to see a slowdown in market activity. The number of sales, the number of new listings and the average prices declined week over week. People have started to vacation and focus on enjoying the weather. 

Will the Bank of Canada’s interest rate hike impact the activity in the market? We will have to watch the data and see what happens in the next few months.

If you are a buyer or a seller and thinking of getting into the market, reach out to chat!

*data taken from the Ottawa real estate board monthly update