Members of the Ottawa Real Estate Board (OREB) sold 1,263 residential properties in July through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,102 in July 2022, an increase of 15%. July’s sales included 979 in the freehold-property class, up 18% from a year ago, and 284 in the condominium-property category, a 6% increase from July 2022. The five-year average for total unit sales in July is 1,621. The average sale price for a freehold-class... [read more]

The last month of summer has arrived! August is typically a slower time of the year for real estate transactions. School is out, folks are away on vacation and buying/selling is put on hold for some. Interest rates remain at around 5.2% on average for a five-year fixed. Both freehold and condo prices have gone up slightly over the previous year. The rental market remains high with prices ranging from $2400-$3000 a month for the majority of townhomes and small singles throughout the city. The... [read more]

Members of the Ottawa Real Estate Board (OREB) sold 1,658 residential properties in June through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,493 in June 2022, an increase of 11%. June’s sales included 1,234 in the freehold-property class, up 10% from a year ago, and 424 in the condominium-property category, a 16% increase from June 2022. The five-year average for total unit sales in June is 1,881. The average sale price for a freehold-class... [read more]

June was a similar month to May in terms of number of sales, listings inventory and overall days on market. There seems to be a large increase in sales of properties under 400k as buyers are getting lower mortgage approvals due to high interest rates. Rates may go up again this month by .25% or more to continue to battle inflation. Will this have an impact on the real estate market? The only impact I think it will make is to reduce the mortgage qualification amounts for buyers. The... [read more]

The month of May saw an increase in sales for the first time since February 2022. I noticed a lot more activity across the board from condos to singles, many of which were selling in a few days. Offer hold outs are becoming more common again and some homes are selling over list price. Rental transactions have also increased by 22% compared to the previous year. The new rate hike announced on June 7th might slow the market down moving forward, however, it is too early to tell. If you are looking... [read more]