New data suggests market is "stabilizing", says the Ottawa Real Estate Board
Ottawa saw its average new home price decline by around 17% annually to reach $710,070 in March, according to the latest numbers from the Ottawa Real Estate Board (OREB).
Still, that $143,000 drop also represented a 0.2% increase over February. Year-to-date average sale prices stood at $701,837 for freehold properties and $414,698 for condominiums.
“As evidenced by the recent climb in freehold prices, Ottawa’s resale market is stabilizing along with the interest rate,” said Ken Dekker, president of the OREB. “Condos remain steady due to their lower price point, there’s more affordability based on the current interest rate structure. Prices are certainly headed in the right direction – if you are looking forward.”
The market saw a total of 1,194 residential transactions in March, down by 40% annually but also up by 40% monthly.
“The recent rise in transactions is a sign of typical spring activity, even if we’re behind the pandemic peaks of 2022,” Dekker said. “As spring unfolds, so too will a clearer picture of Ottawa’s balanced market state.”
Attesting to the recent acceleration of demand is the region’s inventory levels. Ottawa saw 2,089 new listings in March (down by 21% annually), per OREB data.
“Well-priced and well-prepared homes are selling,” Dekker said.
