Page 18 - Selling Ottawa Magazine Summer 2023_Neat

Average Prices
After declining sharply from the peak in March 2022, the average home prices in Ottawa have steadily increased
over the past four months. The average home sale price in Ottawa’s housing market was $677,678 in April 2023, a
8.5% decrease from April 2022. April 2023’s average sale price increased by 6.5% month-over-month compared to
March 2023’s average sale price of $636,610.

Sales and Inventory
Even though the number of sales in April 2023 was lower than that in April 2022, the sales have shown steady
growth since the beginning of the year. There were 1,488 home sales in April 2023, a decrease of 21% compared to
April 2022. The sales are also lower than the five-year average of 1,739 sales in April. However, the sales were
considerably higher than the previous month, with a 25% increase.

The 2,144 new listings on the Ottawa housing market in April 2023 marked a 25% decrease from the previous year
and an increase of 2.6% from the previous month. The month's sales-to-new ratio (SLNR) was 69%. An SNLR ratio
of 40%-60% reflects balanced market conditions. An SLNR of over 60% usually indicates that the market is a
seller’s market and that below 40% signifies that the market is a buyer’s market. The recent surge in sales has
outpaced the increase in new listings pushing the market into the seller’s market zone again.

Property Types’ Analysis
Looking at the different property types in Ottawa,

Freehold homes in Ottawa sold for an average price of $747,123, a 5.2% increase from the average of $710,070
during March 2023 and a 9.9% year-over-year decrease. The average price is a 0.5% increase from two years ago.

There were 1,156 freehold homes sold in April 2023, which shows a monthly increase of 29% compared with 893
homes sold in March 2023 and an 18.5% decrease from last April.

The average sold price for condos was $435,875, a 4.1% increase from the average of $418,670 in March 2023.
This is an 8% year-over-year decrease and an increase of 2% over the past two years.

In April 2023, 332 condos changed their owners. The sales increased by 10.3% compared with the 301 condos sold
in March. The condo sales significantly dropped compared to April 2022, with a 29% yearly reduction.

Is now a good time to sell?

If everything in your life is lining up, and you’re ready to take the
next step, then this is certainly not a bad time to sell your home.

With the current state of the market, characterized by heightened
activity and consistent price increases as of April 2023, we are
confident that we can secure a substantial return on your home
investment.

It's worth noting that the traditional selling season occurs during
the summer months. This period tends to attract a larger pool of
motivated buyers and presents ample opportunities to showcase
your home in its best light.