Market Update August 2023
Market Insights
Ottawa & Lanark County Real Estate Market Update August 2023 statistics are in for another month. 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%.
For more details on the Ottawa & Lanark County Real Estate Market Update August 2023 click here or the above graph.
Reach out if you need more information.
Download the PDF – August 2023 Market Snapshot
Lynn 613-686-2064
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