Welcome to all Osgoode residents and real estate enthusiasts! We’re thrilled to present the latest Osgoode real estate market report for August 2023. In this month’s report, we delve into the key statistics that will keep you informed about the current state of the unique housing market in Osgoode.
Property Prices
The average sale price for a detached single-family home in August 2023 for Osgoode has been recorded at $653,000, reflecting a 5.83% increase compared to the price of $617,000 in August 2022.
Days to Sell
The average time on the market in Osgoode for August was 15 days, representing a decrease of 22 days compared to August 2022. In August 2018, the average time on the market was 75 days, indicating a significant improvement in the market’s efficiency.
Properties Sold
In August 2023, there were 2 properties sold. This is a decrease of 50.0% compared to the 4 properties sold in August 2022 and a decrease of 66.7% compared to the 6 properties sold in August 2018.
Long-Term Market Growth
Over the past 5 years, sale prices have seen a substantial increase in Osgoode. The average sales price for detached single-family homes has risen from $193,330 in 2018 to $653,000 in August 2023, representing a remarkable growth of 237.76%. The average sales price change for detached single-family homes from 2018 to August 2023 is $193,330, showing a positive growth rate of 42.1%.
Additionally, the average sales price changes for other property types in Osgoode indicate a positive trend. Bungalows have seen an increase of 6.3% in sales price, 2-Story homes have experienced a growth of 56.3%, and Row/Town homes have seen an impressive increase of 60.6%.
Osgoode vs Ottawa
Comparing Osgoode to the broader municipality of Ottawa, we observe interesting trends. In August 2023, the average sale price for a detached single-family home in Ottawa was around $753,096, which is 15.3% higher than Osgoode’s average price of $653,000. This suggests that Osgoode offers relatively more affordable housing options within the Ottawa region.
Posted Mortgage Rates
As of September 6, 2023, the interest rates for mortgage terms in Osgoode were as follows: a 1-Year term had an interest rate of 7.89%, a 3-Year term had an interest rate of 7.04%, and a 5-Year term had an interest rate of 6.84%.
Conclusion
The Osgoode real estate market continues to show positive growth, with significant increases in property prices over the past five years. Despite a decrease in the number of properties sold in August 2023 compared to previous years, the market remains attractive and offers relatively more affordable housing options compared to the broader municipality of Ottawa.
Please note that all real estate statistics have been obtained from data reported by the Ottawa Real Estate Board’s MLS System. While our figures are believed to be accurate, they may not be guaranteed as we are human after all! We have curated our search criteria to ensure more accurate stats for smaller regions of Ottawa.
