There is good news for buyers in the report from Ottawa’s resale real estate market in September.

If you’re looking for a home, the number of new listings added to the market in September was up, creating more choice for buyers who for much of the past year faced intense competition for the limited number of properties available.

“This trend continues to bring the resale market into more balance, which generally means more time for buyers and sellers to weigh their options and to adjust according to their needs,” said Ottawa Real Estate Board President Penny Torontow, in a statement.

The Ottawa market had 2,371 new listings in September. That’s up 5% from September of last year, and up 13% from the number added in August of this year. It was also higher than the five-year average for new listings for the month.

The new listings brought Ottawa’s inventory of residential-class properties up to 3.1 months’ worth (the time it would take to sell existing inventory with no new stock added). In September of 2021, that number was at just 1.2 months.

The condominium-class inventory in September increased to 2.7 months’ worth, up from just 1.6 months in September of 2021.

September also saw a continued toll on total transactions, as a result of rising interest rates, which have impacted sales activity in recent months.

Members of the Ottawa Real Estate Board sold 1,080 residential properties in September through the Multiple Listing Service (MLS) System. That was down 33% from the 1,601 sold in September of last year. The five-year average for September sales in Ottawa is 1,586.

“September’s lower sales performance reflects continued hesitancy among buyers as they watch interest rates rise and consider the speculation surrounding price trends,” Penny Torontow said.

On a positive note for sellers, prices were up, year-over-year.

The average sale price for a condominium unit in September was $450,987 _ up 6% from September of last year.

The average sale price for a residential-class property in September was $706,658.  That’s up 0.5% from September of 2021.

Looking at the larger picture of the first nine months of the year, the average sale price from January to September for a residential-class property was $788,535. The average sale price for a condominium-class property was $457,189. Those prices represent 9% increases for both property types over the same period last year.

“Prices are stabilizing with slight month-to-month movement, whereas, year over year, we are seeing the slow and steady increases that the Ottawa resale market is known for,” Penny Torontow says.

“As every neighbourhood is different, buyers will want to consult a local Realtor who can tap into proprietary data on price trends and expert insights to help them navigate market shifts.”

As always, the Ottawa Board cautions that while average sale prices for a specific month can be useful in establishing trends over time, they should not be used as an indicator that specific properties have increased or decreased in value. As with all cities, prices in Ottawa vary by area.

If you’re considering buying or selling in Ottawa, I’d love to chat with you and tell you more about the current market and conditions in your neighbourhood.

With more than 30 years of experience assisting Ottawa clients and negotiating on their behalf, I know the city and its neighbourhoods well. You can read more about me and my team at www.nancybenson.com

Feel free to give me a call, at 613-747-4747.