Ottawa’s March 2023 resale market was nothing to write home about, but it did signal the start of the spring market, according to the Ottawa Real Estate Board.
Realtors sold 1,194 properties in March through the board’s Multiple Listing Service (MLS). That’s down a whopping 40 per cent from the 2,003 sold the same month last year, when housing sales were in overdrive, and considerably lower than the five-year average of 1,688. However, March sales were up 40 per cent from February of this year.
“The recent rise in transactions is a sign of typical spring activity, even if we’re behind the pandemic peaks of 2022,” said board president Ken Dekker in a statement. “As spring unfolds, so too will a clearer picture of Ottawa’s balanced market state.”
March sales included 893 non-condo properties, down 40 per cent from a year ago, and 301 condominiums, a decrease of 42 per cent from March 2022.
Prices creeping back up
Non-condo properties sold for an average of $710,070, up 0.2 per cent from the previous month, although still down from last year.
Average non-condo prices have climbed approximately eight per cent during the first quarter of 2023 over December 2022’s market low, said the board.
The average sale price for a condominium was $418,670, up two per cent from February, even if 13 per cent less than a year ago.
Finding promise in last month’s prices, Dekker said: “As evidenced by the recent climb in freehold prices, Ottawa’s resale market is stabilizing along with the interest rate. 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.”
Inventory and listings up, days on market down
In keeping with recent trends, inventory in March was healthy. Months of inventory for non-condo properties has increased to 2.3 months from 0.6 a year ago, while condominiums were at 2.8 months, also up from 0.6 last year.
There were 2,089 new listings last month, up from February’s 1,366 and edging closer to the five-year average of 2,474.
Days on market — another sign of market activity — for non-condo properties decreased from 37 to 34 days compared to last month. Condos went from 43 to 39 days.
