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Shamil Jessa

Resale market in June eases into the Summer

Here are the highlights for the latest real estate market update for the Ottawa real estae board for June 2023. Ottawa's real estate market has shown interesting dynamics in recent months. Here are the key highlights:

Freehold-Class Properties: In June 2023, the average sale price for a freehold-class property in Ottawa was $746,445. While this represents a 4% decrease compared to 2022, it is noteworthy that the prices have remained consistent with May 2023 figures. This suggests a stabilization in the market after a period of decline, offering some encouragement to potential buyers.

Looking at the year-to-date average sale prices, freehold-class properties in Ottawa have experienced a decline of 10% compared to 2022. This indicates a more significant downturn in the market. However, the recent stability in prices indicates the possibility of a gradual recovery in the near future.

Condominium-Class Properties: Ottawa's condominium market has shown resilience in June 2023. The average sale price for a condominium-class property was $448,380, reflecting a 2% increase compared to the same month last year. Additionally, condominium prices were up by 1% over May 2023 prices, demonstrating a positive trend.

Looking at the year-to-date performance, condominium-class properties in Ottawa have experienced a more favourable outcome. With average sale prices reaching $432,885, there has been a 7% decrease compared to the previous year. While a decline is evident, it is less severe compared to the drop observed in the freehold-class properties.

Market Analysis: The Ottawa real estate market in June 2023 has exhibited divergent trends between freehold-class and condominium-class properties. While freehold properties have experienced a decline in average sale prices both in the short term and year-to-date, condominium properties have shown resilience with slight increases and a more favourable year-to-date performance.

Ottawa's real estate market continues to attract buyers, particularly in the condominium segment, due to its more affordable and manageable housing options. The stable prices in the freehold segment indicate a potential shift in buyer preferences towards condominiums.

It is important to note that real estate conditions can vary significantly across different neighbourhoods within Ottawa. Factors such as location, amenities, and proximity to key services can influence property values. Therefore, it is crucial to consult with a local real estate professional who can provide detailed insights into specific areas of interest.

As we move forward, it will be interesting to observe how the Ottawa real estate market evolves and whether the current stability will pave the way for a gradual recovery. We will continue to closely monitor the market and provide regular updates to keep you informed about the latest trends and developments.

Please feel free to reach out to us for any further information or assistance regarding your real estate needs in Ottawa.

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