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 https://ottawarealestatesoldprices.ca. (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: 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!