Two Indicators To Watch To See Where The Ottawa Real Estate Market Is Heading
As shown below, the average listing days on market for all property types sold in the residential and condo markets have decreased considerably. This trend indicates that the Ottawa real estate market is currently in a balanced market as well as a seller's market.
AVERAGE LISTING DAYS ON MARKET
RESIDENTIAL
| Property Type | February 2023 | March 2023 | April 2023 |
| 1 1/2-Storey Detached | 68 | 50 | 46 |
| 2-Storey Detached | 63 | 57 | 47 |
| Bungalows | 56 | 58 | 46 |
| Hi-Ranch | 71 | 49 | 26 |
| Semi-Detached | 53 | 44 | 32 |
| Split-Level Detached | 118 | 48 | 41 |
| 2-Storey Townhome | 50 | 34 | 25 |
AVERAGE NUMBER OF DAYS ON MARKET
CONDO
| Property Type | February 2023 | March 2023 | April 2023 |
| Apartment | 64 | 58 | 50 |
| 2-Storey Townhome | 60 | 30 | 34 |
| Stacked Townhome | 72 | 75 | 52 |
In this section below, from February 2023 to April 2023, the number of properties sold with new listings left in the market, which is called the absorption rate, indicates a seller's market in both residential and condo markets. It's a seller's market because the percentage of properties sold relative to the new listings unsold is above 50%. Therefore, the higher the absorption rate above 50%, this indicates a seller's market.
NUMBER OF PROPERTY SALES TO NEW PROPERTY LISTINGS RATIO
RESIDENTIAL
| Property Type | February 2023 | March 2023 | April 2023 |
| 1 1/2-Storey Detached | 57% | 88% | 78% |
| 2-Storey Detached | 55% | 50% | 67% |
| Bungalows | 60% | 52% | 60% |
| Hi-Ranch | 77% | 63% | 63% |
| Semi-Detached | 62% | 58% | 75% |
| Split-Level Detached | 57% | 67% | 92% |
| 2-Storey Townhome | 77% | 69% | 79% |
NUMBER OF PROPERTY SALES TO NEW PROPERTY LISTINGS RATIO
CONDO
| Property Type | February 2023 | March 2023 | April 2023 |
| Apartment | 63% | 66% | 63% |
| 2-Storey Townhome | 82% | 57% | 105% |
| Stacked Townhome | 65% | 49% | 85% |
Source: Ottawa Real Estate Board
