The Latest Ottawa Real Estate Statistics

Ottawa MLS® Home Sales Stable in November Amid Growing Supply

The Ottawa Real Estate Board (OREB) has released its latest market update for November 2023. Here's a summary of the key findings:

Sales Activity Overview:

November 2023 witnessed a minor decline in home sales compared to the same period last year, with 724 units sold on the MLS® System. While this represents a decrease of 1.6% from November 2022, the year-to-date figures show a notable 11.7% decline in home sales compared to the previous year.

Despite these figures, OREB President Ken Dekker emphasizes that the increased availability of new listings is rejuvenating the market, offering more options for potential buyers and sellers.

2. Price Trends

The MLS® Home Price Index (HPI) remains an indicator of price trends, revealing stable yet incremental growth. The overall HPI composite benchmark price stands at $628,900, an increase of 1.4% from November 2022. Specifically, single-family homes saw a 1.6% increase, a benchmark price of $708,900. Townhouses and apartments also observed modest growth in their benchmark prices.

The average price of homes sold in November 2023 was $633,138, a slight decline of 0.8% from the previous year. The year-to-date average price shows a more significant 5.7% decline. 

3. Inventory and New Listings

One of the defining factors shaping the current Ottawa market is the influx of new listings. November 2023 saw a 2.7% increase in new residential listings, totaling 1,428—a figure surpassing both the five-year and 10-year averages for the month.

Active residential listings at the end of November reached 2,752 units, marking a substantial 15.8% increase from the same period in 2022. This surge positions the active listings 53.9% above the five-year average, indicating a significant inventory boost.

Consequently, the months of inventory, which reflect the time required to sell existing inventory at the present rate, stood at 3.8 months, slightly up from the previous year. This figure surpasses the long-term average for this time of year, signifying a market with many choices for potential buyers.

Conclusion

While the Ottawa real estate market reflects a slowed pace in sales, the increased inventory and diverse options cater to buyers' preferences. Sellers are advised to manage their expectations regarding the speed of transactions, relying on real estate professionals to effectively price and prepare their homes for sale.

For buyers, this market presents an opportunity to work closely with their REALTOR® to explore the market, identify suitable properties, and negotiate favorable deals,

As the market dynamics continue to evolve, it's crucial for buyer and sellers to stay informed and leverage the expertise of industry professionals.

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