Ottawa Real Estate Update Jan 2023

Housing Market Update for Ottawa, February 2, 2023. The average price for a home in Ottawa is now $621,291, a decrease of 10.9%🏠💲🔽 over January, 2022. This number includes all residential houses and condos together.

Breaking down the average prices into houses and condos:

The average price for a freehold house in Ottawa for January was $716,416, down 15.8%.🏠💲🔽 This includes detached singles, Townhouses and Semi-Detached homes.

The average price for a condominium in January was $412,951 down 8.5%.🏙💲🔽 This includes apartments, row units and stacked-style condos.

Number of Home Sales versus last year.
Ottawa had 451 Residential Properties sell in January 2022, down 34.8%. (includes freehold and condos). 310 sales were freehold, down 27.1%, and 142 were condo sales, down 46.8% over last year.

❓How long does it take to sell a Home in Ottawa?
Last month Freehold houses took 40 days to sell versus 14 days last year and Condominiums are taking 47 days to sell versus 25 days last year.

❓Inventory Levels, how many homes are on the market?
There were 2,361 Residential Properties listed for sale at the end of last month. 1,884 were Freehold Listings versus 602 last year and 477 listings were condos versus 225 last year.

❓Is it a Buyer's, Seller's or Balanced Market?
We are just slightly into a Seller's Market with 21.5 weeks of inventory, close to a balanced market. A balanced market would be between 22-24 weeks of inventory.

#ottawa #ottawarealestate #ottawarealestatemarket #marketupdate


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