Ottawa Real Estate Market Update as of July 26th

Market Overview

The Ottawa real estate market continues to show dynamic activity across various property types. As of July 26th, here's a detailed look at the current state of the market:

Total Actives

• Total Listings: 2,425

  • Apartments: 593 (24.4%)

  • Detached: 1,093 (45%)

  • Row Units: 551 (22.7%)

  • Semi-Detached: 123 (5.1%)

  • Stacked: 119 (4.9%)

Conditionally Sold

• Total Conditionally Sold Listings: 224

  • Apartments: 51 (22.7%)

  • Detached: 76 (33.9%)

  • Row Units: 69 (30.8%)

  • Semi-Detached: 14 (6.25%)

  • Stacked: 14 (6.25%)

Sold in the Last 30 Days

• Total Sold: 966

  • Apartments: 177 (18.3%)

  • Detached: 374 (38.7%)

  • Row Units: 300 (31%)

  • Semi-Detached: 75 (7.8%)

  • Stacked: 40 (4.1%)

Months of Inventory

Months of inventory provide insight into how long it would take to sell the current active listings at the current sales pace. Here are the months of inventory for different property types:

• Apartments: 3.35 months

• Detached: 2.92 months

• Row Units: 1.83 months

• Semi-Detached: 1.64 months

• Stacked: 2.9 months

Year-to-Date Days on Market (vs Last Year)

The Days on Market (DOM) metric indicates how quickly properties are selling. A comparison to last year's data shows changes in the market pace:

• Apartments: 53 days (Last Year: 50 days) ---- 6% slower

• Detached: 41 days (Last Year: 40 days) ---- 2.5% slower

• Row Units: 35 days (Last Year: 30 days) ---- 16.6% slower

• Semi-Detached: 35 days (Last Year: 38 days) ---- 7.89% faster

• Stacked: 50 days (Last Year: 50 days) ---- No change

Year-to-Date Unit Sales (vs Last Year)

Here is a comparison of unit sales year-to-date (YTD) versus last year (LY):

• Apartments: 1,140 sold (Last Year: 1,164 sold) ---- 2% decrease

• Detached: 2,578 sold (Last Year: 2,388 sold) ---- 7.9% increase

• Row Units: 2,056 sold (Last Year: 2,010 sold) ---- 2.3% increase

• Semi-Detached: 406 sold (Last Year: 397 sold) ---- 2.3% increase

• Stacked: 286 sold (Last Year: 289 sold) ---- 1% decrease

Year-to-date average Sale Price (vs Last Year)

Finally, let's look at the average sale prices year-to-date compared to last year:

• Apartments: $454,463 (Last Year: $440,378) ---- 3.2% increase

• Detached: $883,218 (Last Year: $878,184) ---- 0.5% increase

• Row Units: $573,655 (Last Year: $573,200) ---- No change

• Semi-Detached: $727,183 (Last Year: $745,236) ---- 2.4% decrease

• Stacked: $411,688 (Last Year: $425,532) ---- 3.3% decrease

Conclusion and Insights

The Ottawa real estate market is experiencing a mix of activity levels across different property types. Here's what these numbers mean for buyers, sellers, and other interested parties:

For Buyers:

• Apartments: With a months of inventory at 3.35, apartments are relatively abundant, giving buyers more options and potential negotiating power. However, prices have increased by 3.2% year-over-year, so acting sooner rather than later might be advantageous.

• Detached Homes: The detached home market is more competitive, with just under 3 months of inventory. This segment has seen a modest price increase of 0.5%, indicating steady demand.

• Row Units and Semi-Detached: These property types offer quicker turnover, particularly row units with only 1.83 months of inventory. This means buyers need to act fast. The slight increase in prices for row units suggests sustained interest.

• Stacked Homes: With nearly 3 months of inventory, stacked homes offer a balanced market. However, prices have decreased slightly, presenting potential bargains for buyers.

For Sellers:

• Apartments: Sellers might find it takes a bit longer to sell compared to last year, but the price appreciation can be encouraging. Proper pricing and presentation are key to standing out in a crowded market.

• Detached Homes: Sellers in this segment benefit from stable prices and a relatively quick selling process. Highlighting unique features and ensuring the home is market-ready can attract more buyers.

• Row Units and Semi-Detached: These properties are in high demand, with fast turnover times. Sellers can leverage this demand to potentially receive multiple offers, driving up the final sale price.

• Stacked Homes: Although there are more stacked homes on the market, pricing competitively and making necessary updates can help attract buyers. The slight decrease in average sale price should be factored into pricing strategies.

For Investors and Other Interested Parties:

• Market Stability: The overall market stability, with a balanced months of inventory and minor price fluctuations, suggests Ottawa remains a solid place for real estate investments.

• Rental Market: The steady increase in apartment prices indicates a healthy demand for rental properties, making this segment attractive for long-term investments.

The Ottawa real estate market presents various opportunities and challenges for buyers, sellers, and investors. Staying informed and adapting strategies based on the latest market data is crucial for success. For further details, insights, and personalized advice, feel free to reach out to New Purveyors, your trusted source for Ottawa real estate.

Statistics and analysis courtesy of Mitch MacKenzie, REALTOR®.

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