Page 17 - Selling Ottawa Magazine Summer 2023_Neat

S U M M E R V I B E S

Real Estate Market Insights

The surge in mortgage interest rates caused
house prices in Ottawa’s housing market to
fall by 20% from the peak of March 2022.

The average home sale price in Ottawa’s housing
market decreased 8.5% year-over-year to

$677,678 in April 2023. The average price is
almost the same as two years ago, increasing by
0.9% from April 2021.
Average freehold house prices reached $747,123,

decreasing 9.9% yearly.
Average condominium prices were $435,875, a
decrease of 8% compared with April 2022.

But...There is
Good News

In recent months, the supply of new listings has been
unable to keep up with increasing demand, thus putting
upward pressure on house prices. Furthermore, the
inventory saw a month-on-month decline, In certain
neighborhoods, the demand is particularly high, leading
to a scenario where multiple offers are becoming
increasingly common. Buyers are finding themselves in
competitive situations, as multiple parties express
interest in the same property. At Colizza Group Real
Estate, we understand the intricacies of this market
landscape. Our team is equipped with the knowledge
and expertise to navigate these challenging conditions.
Whether you are a buyer looking for your dream home
or a seller hoping to capitalize on the high demand, we
have the insights and strategies to guide you towards
success.