August 2023 Ottawa Real Estate Market Update: Steady Progress Amid Shifting Dynamics”

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August 2023 Ottawa Real Estate Market Update

Steady Progress Amid Shifting Dynamics


Hey there, it’s Dave here with your Ottawa real estate market update for August 2023. This month, we delve into the latest market trends, shedding light on recent shifts in the housing landscape. So, let’s jump right in!

Market Activity and Sales Trends

In the past month, a total of 1,263 units found new owners through the multiple listing service. This indicates a 15% increase, though still slightly below the five-year average of 1,621. While the pace of transactions might seem slower compared to the average, it’s worth exploring the finer details.

Diving into the Numbers

Starting with Freehold properties, the average resale price has risen to slightly over $754,000, marking a 5% increase from the same period last year. A healthy inventory level of around 2.7 months suggests a balanced market that somewhat favors sellers. Days on Market for Freehold units have extended to an average of 26 days, indicating a turnaround time that aligns with a healthier, more balanced market.

Condo units present a similar story, with the average resale price now hovering just above $435,000, reflecting a 2% increase year over year. An inventory of around 2.3 months supports a relatively balanced market for condos. The average days on the market for condos is around 28 days, providing buyers and sellers ample time for transactions.

The Resilient Market

In summary, the Ottawa market has displayed resilience despite recent interest rate hikes and economic uncertainties. Confidence remains evident among buyers and sellers alike, as home prices maintain stability. In fact, there’s even a slight appreciation, demonstrating the market’s strength. This steady incline in average home sale prices, typically ranging from 2% to 5%, reaffirms a positive trajectory.

Implications for Sellers and Buyers

For sellers, the market still tilts slightly in your favor. However, unlocking the best deal demands focus on three crucial factors: pricing, home condition, and a well-crafted marketing strategy. Our team is here to guide you through these aspects, ensuring your home stands out and commands the attention it deserves.

As a buyer, strategic thinking is essential. Opportunities are there, but a balanced approach ensures you’re protected and secure a fair deal. Regardless of whether you’re selling or buying, we’re here to customize a plan tailored to your needs.


Thanks for tuning into the August 2023 Ottawa Real Estate Market Update. Amidst interest rate adjustments and shifting dynamics, the Ottawa market continues to show strength. If you’re considering a move, whether selling or buying, let’s sit down and chart a path forward that aligns with your goals.

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About The Author
David Robertson

Since 2011, Dave brings integrity and professionalism to his clients in Ottawa when helping them buy and sell real estate. Every client matters to Dave.He doesn’t just sell you a home; he builds relationships for life by treating every client with the respect and honesty he would give his own family. Even after the sale of your home, he will continue to be there to answer all your real estate questions and recommend preferred vendors. As an Ottawa native, Dave understands the changes in the local market. Dave's previous industries in banking and home equity have sharpened his expertise in real estate trends. He will professionally explain the real estate process and paperwork involved. As team leader of LIFE Real Estate Group, Dave offers his clients a team of dedicated agents and administrators. Why hire a single realtor when you can hire a team? LIFE Real Estate Group's innovative marketing strategy and commitment to excellence has propelled them to be one of the top teams at Solid Rock Realty! Dave's passion for serving people is the foundation of his success. His goal is to earn the right to be your real estate professional for life. Whether it is creating a customized plan for creating generational wealth through real estate or even home maintenance tips, he is available for all his clients. Message Dave for past testimonials to see how he has helped local families.

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