Though many headlines are reporting a 40% decrease in transactions over this time last year, it is important to note that March 2022 was the very peak of our real estate market here in Ottawa. Therefore, comparing today’s market to one year ago is bound to paint a grim picture. In reality, Ottawa's real estate market is showing signs of growth and stability.

With rates holding steady for now, buyers seem to have more budget certainty and confidence heading in to this Spring market. Housing supply remains on the lower end, with roughly 2.5 months of inventory. This strong demand, coupled with limited supply, means homes are selling more quickly and some properties are seeing multiple offers again.

The average sale price for a freehold-class property in March was $710,070, a decrease of 17% from March 2022 (no surprise there). However, average freehold prices have climbed approximately 8% during Q1 2023 over December 2022’s market low. The average sale price for a condominium-class property was $418,670, decreasing 13% from a year ago, but still a 2% gain over February 2023.

Sellers — homes that are well-prepared and well-priced will sell. Take the time to make sure your home is shining before it hits the market. Repairs, paint jobs and staging will go a long way in ensuring top dollar.

Buyers - keep in mind that prices appear to be on the rise. As consumer confidence strengthens, buyers will likely flock the market in large numbers. Now may be a good time to take advantage of softer competition.

Reach out to us today for more information on how to best navigate this market!