Ottawa Housing Market

As published November 29, 2022, on REMAX Blog

Canadian Housing Market Shifting into Balance in 2023

The majority of Canadian housing markets balancing out, with 60 per cent anticipated to be balanced markets in 2023

RE/MAX Canada expects average residential prices to decrease by 3.3 per cent in 2023

  • The biggest price declines across the country are expected in Ontario and Western Canada, where some markets may see average residential sale prices decrease by 10 to 15 per cent
  • Price growth outlooks are anticipated in Atlantic Canada markets, with average residential sale prices expected to increase by eight per cent in Halifax and four per cent in St. John’s in 2023
  • 60 per cent of regions in Canada are expected to be balanced markets in 2023, according to RE/MAX brokers and agents
  • 73 per cent of Canadians still say that home ownership is the best long-term investment they can make

Ottawa, Ontario

Ottawa is currently defined as a seller’s market and it is anticipated to remain one into the third quarter of 2023, where subsequently it is anticipated to become balanced. First-time homebuyers are driving demand in the region due to its relative affordability a trend that is expected to carry on next year. The average residential sale price increased by nine per cent from $601,039 in 2021 (January-December) to $656,761 in 2022 (January-October). Townhomes are currently the most in-demand housing-type due to the accessible entry-point they provide buyers.

“We’re seeing three main housing trends heading into 2023,” said Laura Keller of RE/MAX Affiliates Realty Ltd. “More multigenerational living, less upward movement as housing prices change and many first-time buyers who will look to engage and enter the market.” First-time buyers in Ottawa are particular about the finishes, style and location of their homes, with many not wanting to spend money on small renovations. As single-family dwellings have become unaffordable to rent, multi-residential properties and tiny or coach home conversions are expected to increase. Rising interest rates are anticipated to continue cooling the market in the next year. Supply remains an issue in Ottawa, with many new construction developments being halted due to increased development fees and material and labour shortages. The average residential sale price in Ottawa is anticipated to increase by four per cent in 2023.

For more news about the Canadian housing market outlook, visit