As we head into the fall season, the Ottawa real estate market is showing signs of stability and balance. ⁠ ⁠ There has been a slight increase in the number of properties sold as well as average sale price for residential properties compared to this time last year. Interestingly, the condominium class properties have experienced a subtle decrease in units sold and average sale price compared to 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,” said Ken Dekker, OREB President.

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“New listings have surged in the past several months, which has caused overall inventories to begin gradually rising again,” States Dekker, “However, 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.”

Residential average sale prices increased by 3% to $725,169 compared to September 2022. Condominium average sale prices decreased by 3% to $435,826.

The average days on market in the residential class experienced a 9% increase to 31 days and a 21% increase to 34 days for condominiums.

848 residential properties were sold in September 2023, an increase of 4% since last year. Condominiums sold reached 253 which is a 4% decrease.

In conclusion, the Ottawa real estate market maintains a healthy balance this fall. While MLS Benchmark prices have seen a decrease from the previous year, they are maintaining a consistent trend, aligning closely with 2021 figures. These factors collectively suggest that the market is primed for continued growth, presenting a promising outlook for Buyers and Sellers alike.