Where Are Ottawa Real Estate Prices Heading These Days?

As you can see below, in 8 out of the 10 districts in Ottawa, the average sale price of residential properties decreased in the eastern, southern, and western sections of the city. Riverside South came out on top with the most significant average sale price decrease in the residential market, just above 13%.

While 6 out of the 10 districts in the city had average sale price increases in the condo market, specifically in Stittsville, which gained the most significant price increase. In comparison, surprisingly, Rockland saw the most significant average sale price decrease out of all the 10 districts, at around 26%.

These trends may indicate that buyers, especially first-time home buyers, are either putting a hold on their home-buying plans or are still looking for affordable buying options in the residential market due to inflation, which has contributed to increased mortgage rates. Also, another segment of the buyer population is buying condos as affordable options compared to residential properties, which have a higher price point than condos.

Real estate investors are continuing to look for properties that offer assumable and vendor take-back mortgages to generate positive cash flow and value appreciation.

It would be interesting to see in the next few months where the direction of interest and mortgage rates will be heading and how it would impact Ottawa's real estate marketplace.

May be an image of text that says 'AVERAGE SALE PRICE RESIDENTIAL SEPTEMBER 2023 -2.4% $708,333 OCTOBER 2023 $691,618 CONDO SEPTEMBER 2023 +4.3% $405,250 OCTOBER 2023 $422,500 Avenne PAOKERAGE AVALON CURRENT STATUS: BALANCED MARKET'