Ottawa Real Estate Stats May 2023
Monday Jun 19th, 2023
Members of the Ottawa Real Estate Board (OREB) sold 1,939 residential properties in May through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,830 in May 2022, an increase of 6%. May’s sales included 1,477 in the freehold-property class, up 8% from a year ago, and 462 in the condominium-property category, a 1% increase from May 2022. The five-year average for total unit sales in May is 1,961.
- The average sale price for a freehold-class property in May was $745,902, a decrease of 7% from 2022, but still on par with April 2023 prices.
- The average sale price for a condominium-class property was $442,859, decreasing 6% from a year ago. However, it marks a 2% increase over April 2023 prices.
“We are not seeing steep price escalations yet. May’s average prices stayed on par with April’s, although prices are well over what we saw at the end of 2022. With demand mounting in Ottawa’s chronically under-supplied market, I expect the average sale price will surpass last year’s figures for a month over the same month in the latter half of 2023 again—provided we do not see interest rate hikes.”
*Source: Ottawa Real Estate Board - https://www.oreb.ca/newsroom/ottawa-resale-market-heats-up-in-may/