Ottawa vs. Rockland Real Estate Market Analysis for October 2023

The City of Ottawa - A Vibrant Metropolis

Ottawa, Canada's capital city, is known for its political significance and cultural diversity. As the fourth largest city in Canada, Ottawa boasts a bustling economy, thriving cultural scene, and a range of educational institutions. This city, nestled along the Ottawa River, combines urban sophistication with the tranquility of natural landscapes.

The Town of Rockland - A Charming Suburb

Rockland, part of the Clarence-Rockland municipality in Ontario, presents a different flavor of living. This small town is situated east of Ottawa, along the scenic Ottawa River. Known for its serene atmosphere, close-knit community, and beautiful waterfront views, Rockland offers a more laid-back lifestyle compared to the hustle and bustle of Ottawa.

Comparing Real Estate Markets in October 2023

Ottawa's Market Dynamics

• Sales Activity: In October 2023, Ottawa's real estate market saw 816 properties changing hands.
• Dollar Volume: The total value of these transactions amounted to a staggering $539,242,206.
• New Listings: There were 1,895 new listings, indicating a healthy influx of properties into the market.
• Active Listings: The month ended with 3,062 active listings, showing a sizable inventory for potential buyers.
• Sales to New Listings Ratio: Standing at 43.1%, this ratio suggests a balanced market leaning slightly towards sellers.
• Months of Inventory: The market had 3.8 months of inventory, indicating a market where supply and demand are relatively balanced.
• Average Price: The average selling price was $660,836, reflecting the city’s robust real estate values.
• Median Price: The median price stood at $607,000, slightly lower than the average, pointing to a wide range of property values.
• Sale to List Price Ratio: At 97.5%, sellers were getting very close to their asking prices.
• Median Days on Market: Properties took an average of 22 days to sell.

Rockland's Market Dynamics

• Sales Activity: Rockland saw a more modest level of activity with 8 sales.
• Dollar Volume: The total sales volume was $5,795,000.
• New Listings: There were 25 new listings, a smaller number compared to Ottawa but significant for a smaller town.
• Active Listings: The month concluded with 36 active listings.
• Sales to New Listings Ratio: The ratio was 32.0%, indicating a more buyer-friendly market than Ottawa.
• Months of Inventory: Higher than Ottawa's, at 4.5 months, suggesting a slower market pace.
• Average Price: The average price in Rockland was notably higher at $724,375.
• Median Price: The median price was close to the average, at $716,500, showing less variability in property values.
• Sale to List Price Ratio: Higher than Ottawa's at 98.4%, indicating that sellers were getting very close to their asking prices.
• Median Days on Market: Properties in Rockland sold faster than in Ottawa, taking just 15.5 days on average.

Analysis and Insights

Market Trends

Ottawa's real estate market shows robust activity with a higher number of transactions and a significant dollar volume, reflective of a major city's dynamic real estate environment. The average and median prices are high, though not as high as in Rockland, suggesting a diverse range of properties available. The balanced sales to new listings ratio and months of inventory indicate a healthy market that is neither overly favoring buyers nor sellers.

In contrast, Rockland, though smaller in scale, shows remarkable characteristics. The higher average and median prices suggest that properties in Rockland might be more upscale or larger, which is common in suburban areas. The market pace is slower than Ottawa's, as seen in the higher months of inventory and lower sales to new listings ratio. However, properties in Rockland sell faster, which could be due to the town's appeal to specific buyer segments looking for premium properties or a quieter lifestyle.

The Buyer and Seller Dynamics

In Ottawa, buyers have a good selection of properties, but the market dynamics slightly favor sellers, as indicated by the sales to list price ratio. In Rockland, despite the slower pace, sellers are getting almost their full asking price, which might be due to the unique appeal of the properties or less negotiation room in a smaller market.

The October 2023 real estate statistics paint a detailed picture of two distinct markets within close proximity. Ottawa offers a bustling, balanced market with a range of options for buyers and sellers, while Rockland presents a more premium, slower-paced market, appealing to those seeking a specific type of property or lifestyle. Both markets, however, indicate strong real estate dynamics, catering to their respective audiences effectively.