The Ottawa Real Estate Board reports 816 properties sold in October 2023, approximately a 2.7% decrease in homes sold when compared to October 2022 and 15.9% less when compared to September 2023. Year to date (as of November 1, 2023) home sales totaled 10,700 units (all housing types), a 12.3% 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 $638,600 in October 2023, up 1.8% from October 2022. Benchmark price for single family homes was $721,600, up 2.2% when compared to October 2022. The benchmark price for a townhouse was $501,100, up 1% year-over-year basis in October. The benchmark apartment price was $424,100, unchanged from a year ago.
The average sale price for homes sold in October 2023 was $660,836, an increase of 2.9% from October 2022. Year to date Ottawa average price was $671,983, a decline of 5.9% when compared to the first ten months of 2022. Keep in mind, its important to look at what is happening in your neighborhood and with comparable homes. (Source: Ottawa MLS® October Home Sales Show Typical Lull, OREB, November 7, 2023)
For Kanata, unit sales in October 2023 (residential and condominium) were 73 compared to 80 sales in October 2022 (approximately a 8.8% decrease). For greater Stittsville, unit sales in October 2023 (residential and condominium) were 40 units compared to 39 units in October 2022 , relatively no change.
In Kanata, the average sale price in October 2023 versus October 2022 increased 10.5% for all housing types. For greater Stittsville, the average sale price October 2023 versus October 2022, decreased 7.3%, for all housing types. (Source: October 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, November 1, 2023 – Report#3).
October residential inventory in Ottawa – 1,895 new listings in October, an increase of 6.6% when compared to October 2022. At the end of October, there were 3062 homes for sale (all housing types), about a 16.7% increase when compared to the end of October 2022. Active listings were 43.8% above the five-year average and 10.9% below the 10 year average for October.
At the end of October 2023, Ottawa’s inventory homes (all housing types) was 3.8 months, an increase from 3.1 months at the end of October 2022 (this is the number of months it would take to sell current inventories at the current rate of sales activity).
While the supply of homes on the market has been increasing the last several months and we have shifted into a balanced market, there is still demand given the past supply issues. Serious buyers are looking and making purchases of homes that reflect market value, in good condition and location. Taking the steps to prepare a home for market is paramount, as well pricing the home based on recent market activity in a home’s surrounding neighborhoods. We would be happy to provide you with a market update on your neighborhood and neighborhoods you are interested in.
(Source: Ottawa MLS® October Home Sales Show Typical Lull, OREB, November 7, 2023)