How did the first month of 2023 look for Ottawa real estate?
Curious eyes have been on the real estate market as we officially settle into 2023. With the tumultuous ride of the past few years, everyone is anxious to see where the dust will settle as the market finds its footing in the new environment.
It’s to be expected that comparing numbers from January of 2023 to January of 2022 may show some dramatic differences, but as the market balances, a more telling perspective may be found in the numbers month-to-month. For example, though the average sale prices of freehold properties decreased 12% in January from a year ago, if we instead compared the figures to that of December, we’d find that January’s average actually increased by 3%.
For condo properties, the average price did see a 5% decrease from December, but as the Ottawa Real Estate Board (OREB) noted—it’s normal to see more fluctuation in condo prices as a result of smaller data sets.
With current inventory levels and the number of days we’re seeing properties staying on the market (otherwise known as DOM), it’s clear that Ottawa has reached the long-awaited balanced market. Buyers not only have more choices, but also more time to make these choices, which offers some alternative relief as affordability remains the top consideration with interest rate hikes.
Buyers: With a significant increase in options, working with a realtor can help broaden your exposure to what’s available, and refine your search to pinpoint suitable properties tailored specifically to what you’re looking for.
Sellers: Listing at the right price is always important, but even more so now than ever. Pricing will impact how your property fares on the market. Working with a realtor can help you find the sweet spot!
As always, we’re here to help and to chat. Reach out to us at info@goodstory.ca and we’re happy to bounce off ideas with you, as well as set you up for success, whether you’re selling or buying.
NUMBERS JANUARY 2023
Properties sold:
606 properties sold in January 2023
- (compared with 922 in Jan. 2022, decrease of 35%)
- Five-year avg. for total unit sales in January: 819
Sales breakdown:
460 in freehold-property class (down 30% from a year ago)
146 in the condo class (down 46% from a year ago)
Avg. sale price:
Freehold: $676,272 (-12% from a year ago)
Condo: $412,244 (-8% from a year ago)
*Note that varied pricing and conditions in different neighbourhoods affect average sale prices
New listings:
1,324 properties were listed in January
- 16% higher than new listings in Jan. 2022 (1,142) and 89% higher than new listings in Dec. 2022 (699)
- The five-year average for new listings in January is 1,233
- 3.8 months of inventory for freehold properties (increase from 0.9 months in Jan. 2022)
- 3.8 months inventory for condo properties (increase from 0.8 months in Jan. 2022)
Rentals:
509 properties were rented through OREB members in January compared to 410 in January last year.
