Market Summary January 2023:
After 10 months of weaker prices, the Ottawa real estate market had a relatively strong start to 2023. I would need to see a few more months of stable prices and increasing transaction volume to confirm that prices have stabilized.
- Detached home prices lost 12.6% from a year ago. They were up about 18,000 on a month-to-month basis.
- Townhomes lost 12.0% compared to a year ago and gained about $3,000 on a month-to-month basis.
- Condos lost 8.0% compared to a year ago and lost about $20,000 on a month-to-month basis.
For those interested in recent sold prices, Ottawa real estate sold prices are available via my site https://ottawarealestatesoldprices.ca. Please note, you will need to register and sign in to access sold data.
Key Insights for Buyers:
There is plenty of inventory on the market. Have your finances ready and negotiate. Most sellers will be happy to review all offers. Do not be afraid to walk away, there will be more inventory coming to market.
Key Insights for Sellers:
In this market is it very important to price correctly and to make sure your home is inviting and warm to visitors. Buyers have choices, so the competition is high. All that being said, some properties did receive multiple offers in January. Expect your home to sell in about 2 months.
Market Outlook:
Mortgage rate increases seem to have topped off. This should provide some confidence to buyers. Affordability is still the biggest issue. Given that volume is down 30-40%, prices still remain vulnerable.
I am always happy to answer any real estate related questions you may have.
Kind regards,
Kiril Peev
Email: kiril@sutton.com / www.kirilpeev.ca
Sales Representative / Sutton Group – Ottawa Realty / Brokerage, Independently Owned and Operated
Hintonburg – Orleans – Kanata
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Referrals are always welcome and greatly appreciated. Thank you!
