2023 Monthly Market Updates:
By the Numbers – Average Prices*:
- The average sale price for a freehold-class property in June was $746,445, a decrease of 4% from 2022, but still on par with May 2023 prices.
- The average sale price for a condominium-class property was $448,380, an increase of 2% from a year ago and up 1% over May 2023 prices.
- With year-to-date average sale prices at $731,847 for freeholds and $432,885 for condos, these values represent a 10% decrease over 2022 for freehold-class properties and a 7% decrease for condominium-class properties.
“Supply is trending in the right direction. The increase in inventory is encouraging and indicates sellers have confidence in the market. A growing resale housing stock will result in more selection for buyers and more sales,” Dekker suggests.
By the Numbers – Inventory & New Listings:
- June’s new listings (2,758) were 14% lower than June 2022 (3,212) and down 2% from May 2023 (2,822). The 5-year average for new listings in June is 2,802.
- Months of Inventory for the freehold-class properties has increased to 2.1 months from 1.9 months in June 2022 and 1.5 months in May 2023.
- Months of Inventory for condominium-class properties has decreased to 1.4 months from 1.6 months in June 2022, although up from 1.3 months in May 2023.
- Days on market (DOM) for freeholds stayed on par with last month at 23 days and increased to 27 days for condos compared to last month (26 days).
Check out the snapshot of the Ottawa housing market for the month of July 2021!
"Overall, average prices have increased considerably from 2020, and year-to-date values are holding steady. Still, sellers will need to keep in mind that the multiple offer frenzy experienced previously is no longer the norm, and they may need to have more realistic expectations when positioning their homes and setting on a listing price with their REALTORS®." States Ottawa Real Estate Board President Debra Wright.
Check out what happened in the Ottawa housing market for the month of May 2021!
"Although Ontario was in a lockdown in both May 2020 and May 2021, the impact they had on Ottawa’s resale market was quite different - with this year’s number of transactions being well over the five-year average. Undoubtedly, enhanced safety measures and vaccine adoption rates have enabled potential Buyers and Sellers to feel more protected and comfortable in their home buying and selling process,” states Ottawa Real Estate Board President, Debra Wright.
April 2021 Toronto Market Report
The report shows the enormous jump in number of sales and average selling price from 2019 to 2020
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