Courtesy of The MacGowan Team

Ottawa Resale Market Stalls in August, Supply Challenges Persist

$425,968 condo

$709,739 freehold

UP 1.0% year-to-year

UP 0.5% year-to-year

AVERAGE SALE PRICES

2,228 NEW LISTINGS

PROPERTY SALES Freehold: 903 Condo: 293

MONTHS OF INVENTORY Freehold: 3.0 Condo: 2.2

DAYS ON MARKET Freehold:31 Condos: 29

The average sale price for a freehold-class property in August was $709,739, an increase of 0.5% from 2022. The average sale price for a condominium-class property was $425,968 an increase of 1% from a year ago. August’s new listings (2,228) increased 7% over August. Months of Inventory for the freehold-class properties has increased to 3 months. Months of Inventory for condominium-class properties remains on par with August 2022 at 2.2 months. Days on market (DOM) for freeholds have increased to 31 days and days on market for condos have increased to 29 days. Statistics reflect market activity in August 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.

Ottawa, September 2023 - Members of the Ottawa Real Estate Board (OREB) sold 1,196 residential properties in August through the Board’s Multiple Listing Service ® (MLS ® ) System. August’s sales included 903 in the freehold-property class and 293 in the condominium-property category. “Sales activity was up marginally on a year-over-year basis in August but remained well below the historical average for this time of year,” says Ken Dekker, OREB President. “There is no shortage of demand given increased immigration and the large Canadian population cohort entering the market. The lack of suitable, affordable housing is a hindrance. High borrowing costs and economic uncertainty are impacting both sellers and buyers, which we expect will continue to result in further market fluctuations.”

Direct. 613-859-1317 Mike@MacGowanTeam.com www.MacGowanTeam.com

Mike MacGowan REALTOR ® 613.859.1317

Ken MacGowan B.Comm., CPA, CMA, Real Estate Broker 613.791.5480

Daren MacGowan REALTOR ® 613.324.5294

Each Office Independently Owned and Operated. 747 Silver Seven Rd UNIT 29, Ottawa, ON K2V 0H2 Affiliates Realty Ltd., Brokerage

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