The latest figures reveal intriguing trends for the Ottawa real estate market in October 2023. Residential resale homes are witnessing a modest increase in average sale prices compared to this time last year. Conversely, the average sale price for condominium type property classes have shown a slight decrease.

“Life is expensive these days, which likely has both buyers and sellers staying put,” says Ken Dekker, OREB President. “We’re seeing a slow decline in sales activity but it’s minimal and not unexpected for this time of year.

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“Prices are adjusting and coming down, which is also indicative of the types of homes that are selling — apartments seeing the largest increase in sales activity over last October.” States Dekker. “While Ottawa’s inventory is slowly building, chronic supply issues mean there’s always an undercurrent of demand. Don’t let the lull fool you: now is a prime time for buyers to be looking for opportunities before the current carries us from a balanced market into seller’s territory.”

Residential average sale prices increased by 4% to $708,144 compared to October 2022. Condominium average sale prices decreased by 1% to $439,830.

The average days on market in the residential class experienced a 11% increase to 32 days and a 20% increase to 35 days for condominiums.

721 residential properties were sold in October 2023, a decrease of 4% since last year. Condominiums sold reached 222 which is a 3% decrease.

In conclusion, the Ottawa real estate market in October 2023 showcased a mixed landscape of growth and adjustment. Though historically, home prices tend to rise in the spring, making this time of year an optimal period for Buyers to capitalize on potentially more favourable pricing.