July Market Statistics
Again this month year to date in Ottawa and Lanark County there were fewer residential properties sold compared to the same time last year.
There was a decrease of average sales price in Ottawa by 10% and 12% in Lanark County. This is exactly 2% better than last month for each region. July is typically a slower month so we will see if this trend stays or as more inventory seems to be hitting the market whether we will remain steady.
This is always a very general market update and specific areas and type of property may change things.
The 5 year insured mortgage is 5.09% but some brokerages have specials of 4.99% and the prime rate is 6.95%.
This is a great time to buy a property as there are usually less buyers since they are on vacation and have other things on their mind.
Reach out if you need any advice.
Download the PDF – July 2023 Market Snapshot