Courtesy of Cathy Burton

AVERAGE SALE PRICES Resale Market Springs Back in Favour of Sellers

$435,875 condo DOWN 8% year-to-year

$747,123 freehold DOWN 10% year-to-year

1,156 PROPERTY SALES

332 PROPERTY SALES

Ottawa, May 2023 - Members of the Ottawa Real Estate Board (OREB) sold 1,488 residential properties in April through the Board’s Multiple Listing Service ® (MLS ® ) System, down 21% from March 2023. April’s sales included 1,156 in the freehold property class, down 18% from a year ago, and 332 in the condominium property category, down 29% from last year. The five-year average for total unit sales in April is 1,739. “Ottawa’s resale market is on a steady upward trajectory, narrowing the comparison gap to peak pandemic activity in 2022. However, with new listings not keeping pace, the available housing stock is declining, and with less than two months of inventory — we’re back into seller’s market territory,” says Ottawa Real Estate Board President Ken Dekker.

The average sale price for a freehold-class property in April was $747,123, a decrease of 10% from 2022. However, it marks a 5% increase over March 2023. The average sale price for a condominium-class property was $435,875, decreasing 8% from a year ago, but still a 4% gain over March 2023. April’s new listings (2,144) were 25% lower than April 2022 (2,843) and up 3% from March 2023 (2,089). Days on market (DOM) for freeholds decreased from 34 to 27 days and 39 to 33 days for condos compared to last month. Statistics reflect market activity in April 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.

MAKING ARTWORK STAND OUT Hanging artwork, family photos and images of other special memories can help a homeowner make their living spaces positive, joyful environments. Most times, items are hung on the wall above furniture or in a grouping on an empty wall space with the center of the piece (or grouping) about 60” above the floor to provide an optimal viewing experience. To make the photos or artwork stand out more, designers suggest creating a gallery like wall that draws even more attention to the frames. Wooden trim can be used to make a frame which surrounds a grouping of photos. This is effective in a long hallway or wall. Another option is painting the section of wall behind the artwork a different colour and then arranging the pieces over the painted section. This works great in smaller areas like over a desk, in corners or on narrow walls. Be creative and place frames so they overlap the outside edge of the painted area and add other wall décor like mirrors and baskets to complete the look. The options are vast when creating a statement gallery wall and there are many suggestions and samples available on design websites.

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