OTTAWA HOUSING MARKET FOR SPRING 2023
Wednesday Apr 19th, 2023
The average price for Freehold class property for March was $710,070 a decrease of 17% from 2022 but a 0.2% increase over February 2023. Average prices have gone up 8% in the first quarter for 2023.
The average price for Condo Class was $418,670 a decrease of 13% from a year ago but a gain of 2% over February 2023. So the market is stabilizing. Ottawa Real Estate Board says prices are headed in the right direction.
If you look over the last 7 years from 2016 in December Prices for December each year to December 2022 you get:
$384,277 $386,567 $402,415 $43,741, $533,638 $615,858 $606,227. Which makes most people feel better if you look back to December2016 average price of $384,277.
So what to do in this Market if you want to move up or down in home quality or features..
For Most of my clients who have had a home for 5-20 years they have a lot of equity in their home which is really great in making any Real Estate Purchase..
It is something the Banks want to see to provide a Mortgage. Right now prices are down due to higher interest rates for Mortgages. Also the Inventory is low compared to most other years.
So my advice is to Buy First and then Sell. It will be hard to find the right home for your taste but if you are willing to put in the effort you will most likely get a good home at a good price.
You can get an open Mortgage on the new place so that you can switch to a new mortgage within a year to get the new lower Mortgage rates. The Total cost of Purchase and higher interest for one year will be less that Selling first and buying later