These Property Types Are Selling The Most In Ottawa
Below are the number of sales made for various property types sold in August 2023 and their corresponding average sale prices from July 2023 to August 2023.
Here are some key insights from the numbers:
1. The average sale prices for the property types with the most sales - 2-storey detached properties, bungalows, 2-storey townhomes and condo apartments - decreased considerably from July 2023 to August 2023. This signals the impact of higher interest (mortgage) rates, combined with high inflation, reducing buyer demand, thus keeping properties for sale longer in the market. As such, buyers are looking for affordable housing options.
2. If average sale prices continue to decrease for a while, it's most likely that Ottawa will eventually become a buyer's market, depending on whether interest (mortgage) rates will continue to increase or, at some point, decrease, and the direction of the unemployment rate.
RESIDENTIAL*
| Property Type |
Number of Properties Sold August 2023 |
Average Sale Price July 2023 |
Average Sale Price August 2023 |
| 1 1/2-Storey Detached | 70 | $435,720 | $384,371 |
| 2-Storey Detached | 349 | $819,837 | $771,575 |
| Bungalow | 325 | $653,528 | $625,566 |
| Hi-Ranch | 43 | $590,564 | $551,998 |
| Semi-Detached | 97 | $627,625 | $625,180 |
| 2-Storey Townhome | 169 | $611,137 | $595,053 |
CONDO*
| Property Type |
Number of Properties Sold August 2023 |
Average Sale Price July 2023 |
Average Sale Price August 2023 |
| Apartment | 168 | $440,170 | $429,450 |
| 2-Storey Townhome | 60 | $397,356 | $411,258 |
| Stacked Townhome | 53 | $429,282 | $401,090 |
*Source: Ottawa Real Estate Board
