Ottawa Real Estate Market Update April 2023

May 5, 2023

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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:

  1. Relatively low inventory levels and new listings.
  2. Rising number of sales.
  3. Lower fixed 5-year mortgage rates.

For those interested in recent sold prices, Ottawa real estate sold prices are available via my site (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: /

Sales Representative / Sutton Group – Ottawa Realty / Brokerage, Independently Owned and Operated

Hintonburg – Orleans – Kanata

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