Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for July 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.
In July, the Ottawa Real Estate Board (OREB) had an impressive month, with its members selling 1,263 residential properties through the Multiple Listing Service® (MLS®) System. This represents a significant 15% increase compared to the same month last year (2022), when 1,102 properties were sold.
Breaking down the sales, the freehold-property class saw a substantial jump, with 979 houses sold, marking an impressive 18% increase from the same period a year ago. Additionally, the condominium-property category also showed healthy growth, with 284 units sold, reflecting a 6% increase from July 2022.
Notably, both freehold and condominium properties had higher average prices. The average sale price for a freehold-class property in July was $754,188, which is 5% higher than prices seen in 2022, and there was a modest 1% increase compared to June 2023. The average sale price for a condominium-class property reached $435,094, indicating a 2% rise compared to the same period last year, though it was 3% lower than prices recorded in June 2023.
Despite the two recent quarter-percent interest rate hikes by the Bank of Canada, Ottawa's real estate market remains resilient, and consumers show confidence in its stability and growth potential.
July's figures, both in sales and average prices, are positive indicators that gradually close the gap from the peak pandemic market activity observed in early 2022. Furthermore, inventory levels continue to increase, with new listings added to the housing stock, providing more choices for prospective homebuyers.
While the market currently favours sellers, it's important to maintain a realistic perspective. Not every property will attract multiple offers or sell quickly. A property's price is ultimately determined by the willingness of buyers to pay, and working with a professional licensed REALTOR® becomes crucial in navigating this dynamic market landscape.
Looking ahead, there are promising signs for continued growth in the real estate sector. The second half of the year is likely to yield solid year-over-year results, given the positive indicators observed in July.
On the rental side, OREB members have been actively assisting clients, facilitating the renting of 3,921 properties since the beginning of the year. This figure marks an 11% increase from the same period last year (2022), showing continued demand for rental properties in the region.
Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.
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