Here are key results in the Ottawa area for the month of August, 2023, from the Ottawa Real Estate Board:
Number of properties sold in August: 1,196. That’s up 6% from August of 2022, but it’s below the five-year average for August sales in Ottawa, which is 1,525.
Average sale price, condominium-class properties: $425,968. That’s up 1% from August of 2022.
Average sale price, freehold-class properties: $709,739. That’s up 0.5% from August of 2022.
Average days on market, condo-class properties: 29 days. That’s up from 28 in August of last year.
Average days on market, freehold-class properties: 31 days. That’s up from 25 days in August of last year.
Inventory supply favours sellers: There is 3 months worth of inventory for freehold-class properties (up from 2.2 months in August of last year). And 2.2 months for condominium-class properties, on par with August of 2022. This refers to the time it would take to sell existing inventory if no new listings were added. With this level of supply, the market continues to favour sellers.
The Ottawa Real Estate Board cautions that average sale prices for a specific month can be useful in establishing trends over time, but should not be used as an indicator that specific properties have increased or decreased in value. As with any city, sale prices vary from neighbourhood to neighbourhood.