The Market in February 2023

The market is showing signs of warmth as we approach spring! 

Well, it seems things may be starting to look up for sellers! Ottawa’s real estate market showed some interesting, and quite possibly promising, movement in February. While there were declines in the number of sales and average prices compared to last year, it isn’t unexpected. We know that drawing comparisons with what occurred in the hyperactive market during the pandemic period wouldn’t yield fair results. However, a comparison between the first and second months of this year does tell an intriguing story. 

Yes, there was a decline in average sale prices for both freehold and condo properties. But notably, the average sale price of freehold properties in February saw a 5% increase from the beginning of the year in January. Not only that, but there was also a decrease in the number of days on market for both freeholds and condos. Perhaps, with steadying interest rates, and some time for buyers to adjust and adapt, the market might just be dusting off the frost and starting to make moves—a trend that could continue as we move closer to spring. 

On top of all this, there are also less properties entering the market—which is typical behaviour for winter yet perhaps further exacerbated by hesitation from sellers who have been keeping an eye on the slowed market. The Ottawa Real Estate Board does flag that if we keep heading down this route with fewer listings and a depleting inventory, we could lose that balanced market and the scale could tip back towards sellers. 

It’s ultimately too early to tell, and unfortunately we haven’t quite figured out how to predict the future yet. But we do know this: market performance in Ottawa varies by neighbourhood, and the best way to know how to position yourself in the market so that you come out strong—as a seller or a buyer—is by consulting neighbourhood-specific market insights and comparisons.

You want the insights, we have them! Let’s team up to help achieve your goals. Contact us at info@goodstory.ca