🏡 Ottawa Real Estate Update - October 2023 🍁

🏡 Ottawa Real Estate Update - October 2023 🍁

In October 2023, the Ottawa Real Estate market saw a total of 816 homes sold through the MLS® System, showing a slight 2.7% dip from the same month last year. 📉 Home sales for the month were 36.4% below the five-year average and 30.8% below the 10-year average, painting a picture of a slow decline in sales activity.

Year-to-date figures reveal a substantial 12.3% decline in home sales, totalling 10,700 units over the first 10 months of 2023 compared to the same period in 2022. 💼

📊 By the Numbers – Prices:

  • MLS® Home Price Index (HPI) indicates a benchmark price of $638,600 in October 2023, up 1.8% from the previous year.

  • Average home price in October 2023 was $660,836, a 2.9% increase from October 2022.

  • The overall HPI composite benchmark price remained nearly unchanged at $638,600, showing a modest 1.8% increase from October 2022.

🏠 Inventory & New Listings:

  • New residential listings increased by 6.6% from October 2022, with 1,895 new listings in October 2023.

  • Active residential listings surged to 3,062 units at the end of October, a notable 16.7% gain from October 2022.

  • Months of inventory slightly increased to 3.8 at the end of October 2023, up from 3.1 recorded in October 2022.

While prices are adjusting and sales are seeing a slow decline, the market remains dynamic. Buyers, take note - now is your prime time! Contact us today! 🏠💼

The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.