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Ottawa Real Estate Market Update - March 2023

The spring market is in full swing for the Ottawa real estate market. I'm Liza Wilson, trusted real estate advisor, and I help families upsize their homes in the Ottawa area.

It's no secret that people love to buy and sell in the spring. Why? Winter hibernation is done. Better weather is ahead. The school year is about to finish making it easier for families to make a move.

Inventory is down again. The decrease in inventory and the increase in buyer demand creates some multiple offer situations which my team has experienced in March.

The days on market for sellers has decreased to 34 days.

The average residential sale price was $710 070 and that is a decrease of 17% from where we were last year at this time. However, it's a 0.2% increase from last month. Most importantly, it’s an 8% increase from December's low market in Ottawa. The continual increase shows that the market is on a steady upward trend for prices.

The average sale price for condominiums was $418 670 and that is a decrease of 13% from last year this time. It remains an affordable price point and for that reason, it is attractive to buyers.

Sellers: if you're wondering if now is a good time to sell, my team has experienced several scenarios of multiple offers, busy open houses and sales within a week on the market. Of course every house and neighbourhood is different so reach out if you would like to chat about potentially selling.

Buyers: do not sit on the fence! With steady increases you do not want to be left out of the market. Reach out to my team to have a chat about getting you into the Ottawa real estate market.

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