How Quickly Are Ottawa Properties Selling With High-Mortgage Rates

Here are the latest month-to-month statistics in the Ottawa real estate market that offers some insight into the interrelationship between the length of time it takes for properties to sell on average and its impact on average sale prices.

Compared to other property types, 2-storey townhomes in both the residential and condo markets are by far the most in demand for buyers, who are looking for value and affordability, especially for first-time home buyers. These buyers are looking for relatively large bedrooms and basements for multi-generational families, office space to work and storage spaces to secure their personal items.

It is critical for sellers to protect and secure the significant amount of equity they have earned and accumulated passively over the years by:

• Staging and presenting their properties that provide inviting large spaces and living convenience buyers are looking for.
• Pricing their properties that reflect current market conditions and not to price levels in 2021 and the first half of 2022   
• Doing the necessary cosmetic repairs to their properties (before listing them in the market) that are not only costly to their renovation budget but also transforming their properties into turnkey, which doesn't require the buyer to spend time, money and effort to do the renovations. 

RESIDENTIAL*

CONDO*

*Source: Ottawa Real Estate Board