Ottawa Real Estate Market Update: May, 2023

The Ottawa spring market is here and May did not disappoint with a 6% increase in sales volume. 

Inventory remains low causing a seller's market. In fact, we had less inventory in May than we did in April. In certain neighborhoods, we are continuing to see multiple offers. The days on market have also decreased for sellers. On average, a freehold property is staying on the market for 23 days and 26 days on the market for condos.

The average residential sale price was just under $746 000 and that is a decrease of 7% from last year this time, although it is very similar to April's prices of this year. The average condominium sale price was just under $443 000 and that is a decrease of 6% from last year this time, although slightly up from the previous month.

What will happen going forward? The market activity will heavily depend on interest rates and inventory. 

If you are a buyer or seller and you have questions, reach out. 

Happy June!

*data taken from the Ottawa Real Estate Board monthly report