Exploring Ottawa's Changing Real Estate Scene: Unveiling 2023 Trends for Condos and Homes
In the realm of Ottawa's real estate, 2023 has brought about some interesting changes, especially within the condo and residential markets. Let's dive into the facts that shape these trends, without getting lost in complex numbers.
We spoke with Mitch MacKenzie to break down the numbers - but scroll down to the bottom to read the full report.
A Closer Look at Condos:
Comparing January to July of 2023 with the same period in 2022, condo sales went down by 19.1%, and the average price dipped by 6.1%. But something worth noting happened in July 2023 compared to July 2022. There was a positive change, with a 5.6% increase in condo sales and a 2.1% rise in the average price.
Insights into Homes:
Turning our attention to freeholds, a similar pattern emerges. From January to July 2023, compared to 2022, home sales were down by 14.6%, and the average price dropped by 8.7%. But then, in July 2023 compared to July 2022, a surprising shift occurred. Home sales jumped by 17.5%, and the average price increased by 5.1%.
What Do These Numbers Tell Us?
The real estate market isn't straightforward. These different trends show how things like the economy, how people feel about buying, and how many homes or condos are available all work together in a complex way. It's also interesting to see how both the condo and residential markets got a boost in July. This is due to the slowdown that we saw last Spring and Summer when the rates started going up.
The prices of homes and condos are also telling us a story. In July, they went up, which is a good sign. It's like a signal that things are getting better. For example, in July 2023, the average price of a home was the highest it had been all year, reaching $754,188. This could be because people are feeling more sure about the market now, compared to when they were more cautious due to interest rate fluctuations and economic uncertainties.
If you're thinking about buying, selling, or investing in real estate, it's important to keep an eye on these trends. By understanding what's happening, you'll be better equipped to make smart decisions as the real estate world keeps changing. Remember, staying informed is your best tool for navigating these twists and turns and reaching your real estate goals.
Mitch MacKenzie
mitch@newpurveyors.com
613 282 9441
