Hello and Welcome to our October 2023 Market Stats Update!
In this edition of the October 2023 update/newsletter, we will go over the trends that happened within the Ottawa Real Estate Market.
A steady market that keeps holding on
The Ottawa real estate market, renowned for its stability and resilience, continues to maintain its steady course as we end September 2023. Nestled in the heart of Canada’s capital city, this market offers a reliable backdrop for those seeking to buy, sell, or invest in real estate.
As of September 2023, the Ottawa real estate market maintains its long-standing reputation for strength and stability. The average residential price in Ottawa sits at $725,169, reflecting an increase of 2.6%. On the other hand, condos had a decrease of 3.4% to $435,826
Buyers can expect a variety of options, including recently constructed homes, historic properties, and condos in both established and up-and-coming neighborhoods. The availability of new listings contributes to the balanced market conditions, providing buyers with more choices.
In September 2023, the Ottawa real estate market has seen a healthy influx of new property listings. The city’s diverse housing options, from single-family homes to condominiums, have provided prospective sellers with ample opportunities to bring their properties to the market. A modest increase of 9.8%, 2,259 listings were posted this month.
The number of sold properties in Ottawa during September 2023 reflects the market’s vibrancy. In this month, 253 (4.2% less than September 2022) condo properties found new owners, while 848 residential properties (4.4% more than last year) were sold.
With an average DOM of 48 days (for condos) and 42(for residentials), it’s essential for both buyers and sellers to be aware of this metric when making real estate decisions. Understanding this number can help sellers gauge their pricing strategies, while buyers can anticipate the competition and act swiftly when a property aligns with their needs.
As per the OREB’s(Ottawa Real Estate Board) president, Ken Dekker, Ottawa is in the middle of ‘balanced territory’. Though the benchmark prices are down, it is still on par with levels of 2021. According to historical standards, the available supply is low, and the market still has ample room to absorb this influx of new listings.
It’s essential to navigate the market with a keen understanding of current trends, local dynamics, and key factors influencing the landscape. As interest rates remain unstable and government policies evolve, those looking to buy, sell, or invest in Ottawa’s real estate market must stay informed and adaptable. In the months ahead, vigilance and strategic decision-making will be invaluable for capitalizing on the unique opportunities that the Ottawa real estate market has to offer.