Market Summary April 2023:
April 2023 was a great month for real estate prices and activity in Ottawa.
- Detached home prices lost 9.3% from a year ago. They were up about $50,000 on a month-to-month basis.
- Townhome prices lost 11.9% compared to a year ago and gained about $10,000 on a month-to-month basis.
- Condo prices lost 8.1% compared to a year ago and gained about $17,000 on a month-to-month basis.
Three factors contributed to a rise in prices and transactions as compared to a few months ago:
- Relatively low inventory levels and new listings.
- Rising number of sales.
- Lower fixed 5-year mortgage rates.
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:
Buyers are competing for in-demand properties. Most move-in ready homes are selling in less than 2 weeks and some with multiple offers. Buyer must have their financing in order and be ready to move quickly.
Key Insights for Sellers:
Make sure your home is priced and staged properly. Most homes are selling in 2-4 weeks and some with multiple offers. If you have been waiting for a rebound in prices, this is a great time to sell.
Market Outlook:
The uptick in sales activity is a good sign. Buyers are confident and ready to move quickly on in-demand properties. Mortgage rates seem to have topped off and markets are signaling that interest rate hikes are over.
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!
