Are Properties In Ottawa Selling At Full Asking Prices?
Here are the latest month-to-month statistics in the Ottawa real estate market that offer some insights into the interrelationship between the average sale prices on properties that sold and their impact on their sale price-to-list price ratios from June 2023 to July 2023.
What is important to point out is these important observations:
1. When the average sale prices of some residential and condo property types decreased, the sale prices of those properties were considerably closer to their original listed or asking prices by 1% to 3%.
2. Apart from the high pent-up buyer and investor demand for these properties, other important factors contributing to this seller's market are the limited supply of properties available for sale in the market, increased rents and increased interprovincial migration and immigration to the Ottawa market.
RESIDENTIAL*
| Property Type | June 2023 | July 2023 |
Average Sale Price-to-List Price Ratio June 2023 |
Average Sale Price-to-List Price Ratio July 2023 |
| 1 1/2-Storey Detached | $437,717 | $435,720 | 98.2% | 97.3% |
| 2-Storey Detached | $842,440 | $819,837 | 98.8% | 98.2% |
| Bungalow | $632,835 | $653,528 | 98.7% | 98.1% |
| Hi-Ranch | $558,395 | $590,564 | 99.2% | 99% |
| Semi-Detached | $672,516 | $627,625 | 99.7% | 98.3% |
| 2-Storey Townhome | $611,630 | $611,137 | 99.6% | 99.1% |
CONDO*
| Property Type | June 2023 | July 2023 |
Average Sale Price -to-List Price Ratio June 2023 |
Average Sale Pirce-to-List Price Ratio July 2023 |
| Apartment | $450,265 | $440,170 | 98.5% | 98.9% |
| 2-Storey Townhome | $422,437 | $397,356 | 100% | 98.2% |
| Stacked Townhome | $421,187 | $429,282 | 98.6% | 98.8% |
*Source: Ottawa Real Estate Board
