Ottawa home prices increase $2,000 year-over-year as resale market stalls, OREB says
House for sale in Ottawa on Feb. 24, 2011. (THE CANADIAN PRESS IMAGES / Sean Kilpatrick)
The average selling price for a new home in Ottawa increased $2,000 in August compared to a year ago, as the resale market stalled amid higher interest rates and economic uncertainty this summer, according to the Ottawa Real Estate Board.
New statistics show 1,196 residential properties sold in Ottawa in August, up from 1,130 in August 2022.
The average sale price for a "freehold-class property" in Ottawa last month was $709,739, up 0.5 per cent from the average sale price of $707,712 during the same month last year.
Condominiums sold for an average of $425,968 in August, up 1 per cent from August 2022.
"Sales activity was up marginally on a year-over-year basis in August but remained well below the historical average for this time of year," Ken Dekker, Ottawa Real Estate Board president, said in a statement.
"There is no shortage of demand given increased immigration and the large Canadian population cohort entering the market. The lack of suitable, affordable housing is a hindrance. High borrowing costs and economic uncertainty are impacting both sellers and buyers, which we expect will continue to result in further market fluctuations."
The Bank of Canada increased its overnight rate by 25 basis points to 5 per cent in July, the tenth interest rate hike since 2022. The central bank announced on Wednesday that it was holding its key interest rate steady at 5 per cent.
The Ottawa Real Estate Board says there was a seven per cent increase in new listings last month compared to August 2022. There were 2,228 new homes on the market in Ottawa in August, while 2,234 homes were added to the market in July.
The inventory for homes in Ottawa has increased to 3 months, while there's 2.2 months of inventory for condominium class properties in Ottawa.
Statistics show the average number of days on the market for a home increased to 31 days in August, compared to 25 days a year ago.
Prices down month over month
While the sale price for a new home in Ottawa increased in August compared to a year ago, it decreased month-over-month.
The Ottawa Real Estate Board says the average sale price for a freehold-class property in August of $709,739 was down 5.6 per cent from July. The average sale price for a new home in July was $754,188, according to data from the OREB.
Here is a look at the average sale price for a freehold class property in Ottawa over the past year.
- August 2023 - $709,739
- July 2023 - $754,188
- June 2023 - $746,445
- May 2023 - $745,902
- April 2023 - $747,123
- March 2023 - $710,070
- February 2023 - $708,968
- January 2023 - $676,272
- December 2022 - $655,839
- November 2022 - $680,031
- October 2022 - $677,873
- September 2022 - $706,658
- August 2022 – 707,712
Average sale price for a home in Ottawa in August, according to the Ottawa Real Estate Board
- August 2023 - $709,739
- August 2022 - 707,712
- August 2021 - $674,440
- August 2020 - $592,548
- August 2019 - $484,921
- August 2018 - $433,684
- August 2017 - $420,335
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