February 2023’s average sale price increased by 3.1% month-over-month compared to January 2023’s average sale price of $612,661. There was also a notable decline in sales compared to last year. There were 855 home sales in February 2023, a decrease of 39.8% compared to February 2022.
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Always improving his skills and guiding so many agents in his industry, Agent DK has now earned is designation as a Certified Success Coach! Congratulations to our Team Leader!
The deceleration in the Ottawa housing market fueled by increased mortgage interest rates continued into January 2023, with the average home prices and sales being much lower compared to January 2022. The average home sale price in Ottawa’s housing market was $612,661 in January 2023, a 9% decrease from January 2022. The price decline contrasts with the COVID bull run, which saw a more than 65% price increase from May 2020 to March 2022. January 2023’s average sale price increased by 1.1% month-over-month compared to December 2022’s average sale price of $606,227.
There was also a notable decline in the number of sales compared to last year. There were 606 home sales in January 2023, a decrease of 35% compared to January 2022. The sales remained almost unchanged from last month with a minor 0.8% increase.
Looking at the different property types, freehold homes in Ottawa sold for an average price of $612,661. This is a 3.1% decrease from the average of $655,839 during December 2022 and a 12.4% year-over-year decrease. The average freehold prices are now almost the same as two years ago. There were 460 single-family homes sold in January 2023, which shows a monthly decrease of 1.3% compared with 466 homes sold in December 2022 and 30.4% less than last January.
The condo prices slightly increased after dropping for the last two months. The average sold price for condos was $412,244, 5.2% less than the average sold price of $434,973 in December 2022. This is an 8% year-over-year decrease and an increase of 8.4% over the past two years. In January 2023, 146 condos changed their owners. The sales increased by 8.1% compared with 135 condos sold in December. The condo sales nearly halved compared to January 2022, with a 46.9% yearly reduction.
There are 3.8 months of inventory in the market for condominiums compared to the 0.8 months of inventory last year. The 3.8 months of inventory for freehold homes is also a significant improvement from the 0.9 months last year and half a month of residential inventory seen at the end of March 2022.
There were a total of 1,324 new listings on the Ottawa housing market in January 2023. This is an increase of 16% from the previous year and a decrease of 89.4% from the previous month. The sales to the new ratio (SLNR) for the month was 45.8%. An SNLR ratio of 40%-60% reflects balanced market conditions.
Have a Happy Year of the Rabbit! Good Health & Prosperity to all of you!
Today we celebrate the potential of young minds to spark change and create a brighter future.
Spend this National Youth Day celebrating the incredible power of young people everywhere.
To all youths out there, you have our utmost admiration and support – thank you for being an inspiration! ❤️
We hope you’re having a relaxing and enjoyable day off work. From all of us at the Agent DK Team, we want to wish you a Happy Victoria Day!
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Being a VIP member is about more than just getting access to a few perks. It’s about becoming part of the Agent DK family—and that’s something we’re very proud of!
We know that you value your time and privacy, and we respect that. That’s why we’ve created this exclusive program for our clients so you can get the most out of your real estate experience with us. 😊✨
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Happy Mother’s Day to all the caretakers out there
! Thank you for your kindness, guidance, and love. Make sure to show appreciation to those who have loved you today!
The April 2022 Ottawa Real Estate Board Stats are out!
Although the number of new listings in April was down by 11% from 2021, the number of properties that entered the market was still 10% over the 5-year average, and 214 units more than what was added to the housing stock in March. This has increased Ottawa’s months of inventory to just under a month’s supply. In March, it was just over two weeks. This is good news for potential Buyers as they will have more options and more opportunities to enter the market.
If you’re considering a move, The Agent DK Team is here to help answer any questions you have, in this market you’ll want a qualified, professional Real Estate Team to protect your interests. Call us anytime!
Wishing you all a Very Happy Easter 2022 
Today we celebrate Xena – The Agent DK Team’s furry member! She is at the office with us daily bringing positivity and cuddles!
Today is a day to celebrate all animals that you consider your pets and to promote the importance of adoption. There are dogs, cats, farm animals, small animals, birds, reptiles and many other animals that are looking for a loving “forever” home! Consider opening your heart today! Almost any domestic pet that you could want, you can find for adoption at a rescue or shelter.
🦮🐈🐑🐄🐖🐓🦜🐇🐁🦔🐐🐎🐢🐠🐍🦎🦆
Here’s to the people who know us best.
The ones we fight with the most,
But who fight for us hardest.
Here’s to the people who’ve been there the longest.
Who cheer for us loudest.
And love us at our worst.
Here’s to our siblings…
And those who may as well be.
Happy National Siblings Day.
