Market Update
The Ottawa Real Estate Board reports 724 properties (residential & condominiums) sold in November 2023, approximately a 1.6% decrease in homes sold when compared to November 2022 and approximately 11.3% less when compared to October 2023 (816 units sold). Year to date (as of December 1, 2023) home sales totaled 11,421 units (for all housing types), a 11.7% decrease when compared to 2022 for the same time period.
The Ottawa Real Estate Board will now be using the MLS® Home Price Index (HPI) to track changes in the real estate market (this tools is used by Canadian Real Estate Association across Canada). We will start to use this measurement and also provide some average data for Ottawa. The overall MLS® HPI composite benchmark price was $628,900 in November 2023, up 1.4% from November 2022. Benchmark price for single family homes was $708,900, up 1.6% when compared to November 2022. The benchmark price for a townhouse/row unit was $492,300, up 0.8% year-over-year basis in November. The benchmark apartment price was $424,300, representing a 1.2% increase from a year ago.
The average sale price for homes sold in November 2023 was $633,188, an increase of 0.8% from November 2022. Year to date Ottawa average price was $669,536, a decline of 5.7% when compared to the first eleven months of 2022. Keep in mind, its important to look at what is happening in your neighborhood and with comparable homes. (Source: Ottawa Real Estate Board, Residential Market Activity & MLS® Home Price Index Report – Highlight, November 2023)
For Kanata, unit sales in November 2023 (all housing types) were 82 compared to 70 sales in November 2022 (approximately a 17.1% increase). For greater Stittsville, unit sales in November 2023 (all housing types) were 38 units compared to 31 units in November 2022 , representing approximately 22.6% increase. In Kanata, the average sale price in November 2023 versus November 2022 was $689,263, an increase of 4.9%, for all housing types. For greater Stittsville, the average sale price November 2023 versus November 2022, increased 14.9% to $807,168, for all housing types. (Source: November 2023 – Ottawa Real Estate Board Residential Market Activity and MLS® Home Price Index Report-Detailed, November 2023)
November residential inventory in Ottawa – 1,428 new listings (all housing types) in November , an increase of approximately 2.7% when compared to November 2022. At the end of November, there were 2,752 homes for sale (all housing types), about a 15.8% increase when compared to the end of November 2022. Active listings were 53.9% above the five-year average and 6.7% below the 10 year average for November.
At the end of November 2023, Ottawa’s inventory homes (all housing types) was 3.8 months, an increase from 3.2 months at the end of November 2022 (this is the number of months it would take to sell current inventories at the current rate of sales activity).
As we moved through November the number of sales decreased for the month and the supply of homes on the market increased, more typical of the traditional market as we enter the colder months and move closer to seasonal holidays. However this is a good time for those looking to enter the market or upgrade to find their next home with less pressure of potential multiple offer situations. We have also moved into a period where many purchasers will need to sell their present home and include financing conditions in offers. This underscores the importance of making a plan to sell and purchase and take the necessary steps to determine your budget, value of your present home, coordinate selling your home with purchasing your next home.
Source: Ottawa MLS® October Home Sales Stable in November Amid Growing Supply, OREB, December 5, 2023)
