The average cost of a new home in Ottawa dropped by $143,000 year-over-year last month, as home prices continue to fall from their highest peak one year ago.
New statistics from the Ottawa Real Estate Board shows the average sale price for a new home in March was $710,070, down 17 per cent from March 2022. The average sale price for a new home in Ottawa was $853,615 in March of last year.
Despite the drop in home prices, the Ottawa Real Estate Board says the March sales numbers show "signs of spring surge sprouting.""The recent rise in transactions is a sign of typical spring activity, even if we’re behind the pandemic peaks of 2022," OREB president Ken Dekker said. "As spring unfolds, so too will a clearer picture of Ottawa’s balanced market state."
"As evidenced by the recent climb in freehold prices, Ottawa’s resale market is stabilizing along with the interest rate," Dekker said.
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