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!
