Ottawa’s Real Estate Journey in 2023

Dated: January 23 2024

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Ottawa’s Real Estate Journey in 2023

In 2023, Ottawa’s housing market encountered twists and turns, particularly stalling in the second half due to economic uncertainties.

Sales

Sales hit a 10-year low at 11,978 units, a 33% drop from the highs of 2021, leaving many wondering: is this a temporary setback, or is it a new market norm? Even though 2023’s market did not reach the peaks of the COVID period, opportunities remain for both buyers and sellers.

Listings and Inventory

There was a notable increase in inventory levels, averaging at 2.4 months. This change suggests a movement toward a smaller buyer’s market, differing from the double-digit inventory seen in the years 2014-2016.

Sale Price

The average sale price landed at $468,334, the lowest since 2019 ($409,960).

Looking Ahead

Interest rates are anticipated to drop in the next 3-4 months, suggesting a market revival. Despite a potentially slower first quarter, we’re already witnessing increased activity, with proactive buyers seizing opportunities to get ahead of the expected market rise.

Navigating the twists and turns of the real estate market requires patience, strategy, and foresight. For expert guidance through the 2024 market, turn to us, your local experts. Our team brings over 10 years of expertise, offering a mix of local knowledge, dedication, and a proven track record.

613-707-5146

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