HIGH INTEREST RATES LEAD TO A SLOW END-OF-SUMMER MARKET
- The average sale price for a freehold-class property in August was $709,739, an increase of 0.5% from 2022, and a 5.6% decrease over July 2023 prices.
- The average sale price for a condominium-class property was $425,968 an increase of 1% from a year ago, although 1.4% lower than July 2023 prices.
- With year-to-date average sale prices at $732,220 for freeholds and $432,571 for condos, these values represent an 8% decrease over 2022 for freehold-class properties and a 5.5% decrease for condominium-class properties, likely due to higher interest rates
- The sales volumes year-to-date have also decreased significantly, with 10,165 sales across all property classes so far this year, down from 11,778 at the same time last year (decrease of 13.7%)
- Days on market have increased across all property types, both from the same time last year and from July 2023 with freehold properties averaging 31 days and condos averaging 29 days
OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and August highlights from the Ottawa Real Estate Board (OREB).
We’d welcome an opportunity to discuss the August Sales Stall in Ottawa Resale Market. If you have any questions about our services, please contact our team.