August Market Statistics
July was not as slow as expected with everyone on vacation. The rise in interest rates sent some pre-approved buyers in a frenzy to buy and close to hold their lower interest rate. So July did see a increase in sales over last summer.
There was a decrease of average sales price in Ottawa by 10% the same in Lanark County. Still seeing most properties sell with conditions and no crazy over asking offers in multiple offers. The $400-$500 ,000 price range is still the most attractive and the most buyers competing.
You may notice that the Ottawa Real Estate Board put out a article saying the market is up 5% which is true if you are only comparing July 2022 to July 2023. My statistics are year to date not just one month. Read More…
This is always a very general market update and specific areas and type of property may change things.
The 5 year insured mortgage is 5.54% but some brokerages have specials of 5.34% and the prime rate is 7.20%.
Reach out if you need more information.
Download the PDF – August 2023 Market Snapshot