Ottawa Real Estate Market Update for March 2023

April 5, 2023

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Market Summary March 2023:

As expected for this time of year sales activity picked up in March. Months of inventory is around 2, which is historically very low.

  • Detached home prices lost 18.2% from a year ago. They were down about $13,000 on a month-to-month basis.
  • Townhome prices lost 16.1% compared to a year ago and gained about $27,000 on a month-to-month basis.
  • Condo prices lost 12.7% compared to a year ago and gained about $8,000 on a month-to-month basis.


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:

Competition for homes gained more traction in March. Quality homes sold quickly and some with multiple offers. There is still good inventory on the market as compared to a year ago.


Key Insights for Sellers:

Sellers have benefited from the drop in mortgage rates. Most homes are selling in 2-4 weeks.


Market Outlook:

The 5-year fixed mortgage rate has decreased about 0.5-0.8% from a few months ago. This has allowed more buyers to enter the market and heated up competition. I am expecting a relatively busy spring market. The key indiactor to watch going forward is the fixed 5-year mortgage rate.


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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