Last year started with an average selling price for detached single homes of $655,839.00 and ended with an average selling price of $704,900.00, a 2.7% yearly increase. Although it will take some time to see prices reaching the height of Spring 2022, it will happen. The debate is when.
Ottawa Real Estate Report
Informative articles about the Ottawa real estate market.
Ottawa Real Estate Market Update: Summer 2023 As of July 31st, 2023, Ottawa’s average selling price for non-condominium homes was $754,188.00, a 5.1% increase over July 2022. This reflects an increase of 8.7% over 2022’s year end average sale price of $655,839. How does this compare to July of 2022? We are still experiencing a distinct lack of available single family homes in many neighbourhoods priced under $1 million. This lack of supply is the
Ottawa Real Estate Market Update: Spring 2023 As of April 30th, 2023, Ottawa’s average selling price for non-condominium homes was $747,123. This was an increase of 11.3% over 2022’s year end average sale price of $655,839. Why are we still hearing that resale home prices are down 15% or more when compared to 2022? Let’s explore… From February to May of 2022, Ottawa’s housing prices reached their highest point ever. By the end of April
NEIGHBOURHOOD IN FOCUS: THE GLEBE One of Ottawa’s Most Historic Neighbourhoods The Glebe is one of the city’s most established and mature neighbourhoods, with the portion east of Bank Street dating back to the late 1890s. Homes range from a mixture of older, Tudor-style and red brick Victorian houses (some homes designed by prominent architects such as W.E. Noffke) to modern, state of the art infill homes. Pride in ownership is something Glebe residents take
NEIGHBOURHOOD IN FOCUS: LITTLE ITALY Great restaurants and so much more Little Italy has long provided great restaurants, a central avenue to the arboretum, tulip festival and experimental farm, but the growth seen over the past few years is highlighting more opportunity for homeowners. development strategy The City of Ottawa planning committee proposed an exciting development strategy which has seen condo towers and density created at the south end of Preston, as well as providing
IS NOW A GOOD TIME TO BUY OR SELL A HOUSE IN OTTAWA? In April of 2022, Ottawa home prices had increased by 16% over April of 2021, which was a historical high. The federal government and the Bank of Canada decided to step in with the intention of making homes more affordable and combat inflation. The method they chose was to raise interest. What ensued was the most rapid interest rate increases in history.