Market Update for September 2023

Market Update for September 2023

Members of the Ottawa Real Estate Board (OREB) sold 946 residential properties in September 2023. This was unchanged from September 2022.

“Sales activity came in right on par with where it stood at the same time last year but was still running well below typical levels for a September,” says OREB's President. “New listings

have surged in the past several months, which has caused overall inventories to begin gradually rising again. However, the available supply is still low by historical standards, and we have ample room to absorb more listings coming on the market. Our market is also right in the middle of balanced territory, and while MLS® Benchmark prices are down from last year they are still trending at about the same levels from 2021.”

The overall MLS® HPI composite benchmark price was $643,600 in September 2023, nearly unchanged, up only 0.5% compared to September 2022.

The benchmark price for single-family homes was $727,500, essentially unchanged, up just 0.6% on a year-over-year basis in September.

By comparison, the benchmark price for townhouse/row units was $510,900, a small gain of 2.5% compared to a year earlier, while the benchmark apartment price was $422,300, falling by 1.1% from year-ago levels.

The average price of homes sold in September 2023 was $675,412, increasing by 2.7% from September 2022. The more comprehensive year-to-date average price was $672,837, a decline of 6.5% from the first nine months of 2022.

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