The average selling price for a new home in Ottawa rose by $37,834 in July compared to the same month last year, marking the first year-over-year increase in housing prices in the capital city in 10 months.
New statistics from the Ottawa Real Estate Board show that the average selling price for properties with full ownership in July was $754,188, a 5% increase from July 2022 when the average selling price for a new home was $746,445.
The average selling price for a condominium in Ottawa was $435,094 in July, up 2% from a year ago.
A total of 1,263 residential properties were sold in Ottawa in July, up from 1,102 in July 2022. Sales volume includes 979 houses and 284 condominiums.
Ken Dekker, the president of the Ottawa Real Estate Board, believes that the continued growth in both transactions and average prices compared to July of last year indicates consumer confidence in the market, despite the Bank of Canada’s recent two interest rate hikes.
The Ottawa Real Estate Board reported 2,234 new listings for homes and condos in July, which is down by 6% from July 2022. The number of months of inventory for properties with full ownership decreased from 2.8 months to 2.7 months.
Below are the average monthly selling prices for a home in Ottawa (data from the Ottawa Real Estate Board):
• July 2023 – $754,188 (5% increase from 2022)
• June 2023 – $746,445 (4% decrease from 2022)
• May 2023 – $745,902 (7% decrease from 2022)
• April 2023 – $747,123 (10% decrease from 2022)
• March 2023 – $719,070 (17% decrease from 2022)
• February 2023 – $708,968 (15% decrease from 2022)
• January 2023 – $676,272 (12% decrease from 2022)
• December 2022 – $655,839 (7% decrease from 2021)
• November 2022 – $680,031 (5% decrease from 2021)
• October 2022 – $677,873 (5% decrease from 2021)
• September 2022 – $706,658 (0.5% increase from 2021)
• August 2022 – $707,712 (5% increase from 2021)
• July 2022 – $716,354 (5% increase from 2021).
