Which Property Types Are Most Buyers Buying in Ottawa?
Here are the latest month-to-month statistics in the Ottawa real estate market that offer some insights on property-type buying and selling trends from August to September 2023 using the Sale-to-Active Listings Ratio (SAR) indicator.
As you see below, here are some essential observations you need to know:
1. All the residential and condo property types are in the "seller market" category above 22% in September 2023, which indicates that buyer demand continued to be strong during that period.
2. While there are decreases in the SAR for most residential and condo property types, hi-ranch properties experienced a SAR increase, which signals buyer demand for that specific property, especially for real estate investors who see property conversion opportunities for that property type to increase its value appreciation and cash flow.
3. The SAR decreases for most residential and condo property types, except for hi-ranch properties, may also signal that buyers and real estate investors are waiting for property prices to drop to buy for value and affordability
4. Other essential factors contributing to the SAR decreases for most residential and condo property types, except hi-ranch properties, are the impacts of high interest rates and the limited supply of properties available for sale.
RESIDENTIAL*
| Property Type |
Average Sale Price August 2023 |
Average Sale Price September 2023 |
Average Sale-to-Active Listings Ratio August 2023 |
Average Sale-to-Active Listings Ratio September 2023 |
| 1 1/2-Storey Detached | $384,371 | $432,610 | 38% | 29.8% |
| 2-Storey Detached | $771,575 | $785,553 | 27.3% | 22.7% |
| Bungalow | $624,777 | $643,487 | 28.9% | 26.1% |
| Hi-Ranch | $551,998 | $612,664 | 30% | 32.8% |
| Semi-Detached | $625,180 | $616,993 | 45.3% | 32.4% |
| 2-Storey Townhome | $594,743 | $591,694 | 45.3% | 33.9% |
CONDOS*
| Property Type | June 2023 | July 2023 |
Average Sale Price-to-List Price Ratio August 2023 |
Average Sale Price-to-List Price Ratio September 2023 |
| Apartment | $421,100 | $432,123 | 37.4% | 31.8% |
| 2-Storey Townhome | $411,258 | $421,618 | 65.9% | 42.2% |
*Source: Ottawa Real Estate Board
