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Shamil Jessa

Ottawa Resale Market Continues to Stabilize

It has certainly been a different February real estate market than in the past. This time last year we saw 1,411 homes sold in the Ottawa real estate board and the year before that, 1,385. With transaction numbers declining over the last half year mostly due to rising interest rates, last month's numbers came in at 855 total homes sold. This is 39.4% down from last February. We will wait and see how the Spring Market fairs this year epecially after the last Bank of Canada announcement on holding interest rates steady, 

The average price for a freehold class home in February was $708,968. This is a decrease of 15.2% from last year. The encouraging news is that this is 5% more than last month. For condominium class homes, the average sale price was $410,927 which is a decrease of 12% from 2022. 

The year to date average sale price for a Freehold class home is $695,086 and the year to year to date average for a Condominium class home is $411,449.

The early days of March has seen an increase in activity with many conditional sales. With interests rates being held for now, this could mean more confidence in home buyers and sellers.


Based on information by the Ottawa Real Estate Board, February 2023

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