Courtesy of Nella Zourntos

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

Nella Zourntos Sales Representative, MCNE, ABR, SRS Give me a call at 613-697-8339 to find your dream home. “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.” 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.

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.

Stewart Roofing is a family-run business that believes in providing top-quality workmanship backed with the best products in the industry to give our clients peace of mind with every roof installed. FOR A QUOTE PLEASE CALL: 613 864-0131 stewartroofingottawa.com | info@stewartroofingottawa.com 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.

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Each Office Independently Owned and Operated. Absolute Realty Inc. Brokerage 102 - 31 Northside Road Ottawa, ON K2H 8S1

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