Courtesy of Fatimah & Ameenah Elbarrani

June’s Resale Market Eases into Summer

AVERAGE SALE PRICES

$448,380 condo DOWN 2% year-to-year

$746,445 freehold DOWN 4% year-to-year

1,234 PROPERTY SALES

424 PROPERTY SALES

Ottawa, July 2023 - Members of the Ottawa Real Estate Board (OREB) sold 1,658 residential properties in June through the Board’s Multiple Listing Service ® (MLS ® ) System, compared with 1,493 in June 2022, an increase of 11%. June’s sales included 1,234 in the freehold-property class, up 10% from a year ago, and 424 in the condominium property category, a 16% increase from June 2022. “Although June’s transactions surpassed last year’s, the number of sales, average prices, and new listings declined on a week-to-week basis over the course of the month. Compounded by the typical summer decline in activity, the Bank of Canada’s interest rate adjustment at the beginning of the month may have also flattened the curve,” says Ottawa Real Estate Board President Ken Dekker.

The average sale price for a freehold-class property in June was $746,445 and a condominium-class property was $448,380. June’s new listings were 14% lower year-over year and down 2% month-over-month. Days on market for freeholds stayed on par with last month at 23 days and increased to 27 days for condos compared to last month.

Statistics reflect market activity in June 2023 | Source: OREB ® Ottawa Real Estate Board | Market values stated are of the average of Ottawa and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Ameenah: 613-263-6153 Fatimah: 613-276-0987 info@thebarraniteam.com

@The Barrani Team - Real Estate

@thebarraniteam

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