Ottawa Real Estate Prices for 2024: Prices are going up 1.6% on a year-over-year
The OREB MLS OF Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.
OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
LOW INVENTORY IN THE OTTAWA REAL ESATE MARKET JAN 2024
Still plague Market and causes prices to increase once again.
OTTAWA, December 5, 2023 – The number of
homes sold through the MLS® System of the
Ottawa Real Estate Board totaled 724 units in
November 2023. This was a small reduction of
1.6% from November 2022.
Home sales were 31.8% below the five-year
average and 27.4% below the 10-year average
for the month of November.
On a year-to-date basis, home sales totaled
11,421 units after 11 months of the year. This
was a large decline of 11.7% from the same
period in 2022.
“Sales are performing as expected with the
arrival of colder months, and an uptick in new
and active listings is bringing more choice back
into the market,” says OREB President Ken
Dekker. “While more choice may mean the pace
of buying and selling has slowed, that doesn’t
mean people looking to enter or upgrade in the
market should sit back. Prospective buyers or
those looking to upgrade have an opportunity
to collaborate with their REALTOR® to carefully
explore the market, identify the ideal property,
and negotiate an attractive deal at their
own pace. Sellers will have to manage their
expectations regarding the quantity of offers and
speed of transactions, and their REALTOR® is
the best resource to help them confidently price
and prepare their home for a quality sale.”
By the Numbers – Prices:
The MLS® Home Price Index (HPI) tracks price
trends far more accurately than is possible
using average or median price measures.
•
The overall MLS® HPI composite
benchmark price was $628,900 in
November 2023, a modest gain of 1.4%
from November 2022.
o The benchmark price for single-family
homes was $708,900, up 1.6% on a
year-over-year basis in November.
o By comparison, the benchmark price for
a townhouse/row unit was $492,300,
nearly unchanged, up 0.8% compared
to a year earlier.
o The benchmark apartment price was
$424,300, up 1.2% from year-ago
levels.
•
The average price of homes sold in
November 2023 was $633,138, decreasing
0.8% from November 2022. The more
comprehensive year-to-date average price
was $669,536, a decline of 5.7% from 11
months of 2022.
•
The dollar value of all home sales in
November 2023 was $458.4 million, down
2.4% from the same month in 2022.
OREB cautions that the average sale price
can be useful in establishing trends over
time but should not be used as an indicator
that specific properties have increased or
decreased in value. The calculation of the
average sale price is based on the total dollar
volume of all properties sold. Price will vary from
neighbourhood to neighbourhood.
By the Numbers – Inventory & New Listings
•
The number of new listings saw a minor
increase of 2.7% from November 2022.
There were 1,428 new residential listings
in November 2023. New listings were 8.4%
above the five-year average and 10.4%
above the 10-year average for the month
of November.
•
Active residential listings numbered
2,752 units on the market at the end of
November, a sizable gain of 15.8% from
the end of November 2022. Active listings
haven’t been this high in the month of
November in more than five years.
•
Active listings were 53.9% above the five-
year average and 6.7% below the 10-year
average for the month of November.
•
Months of inventory numbered 3.8 at the
end of November 2023, up from the 3.2
months recorded at the end of November
2022 and above the long-run average
of 3.3 months for this time of year. The
number of months of inventory is the
number of months it would take to sell
current inventories at the current rate of
sales activity.
Sources : OREB -CREA
Builder Agreements should include details such as:
PDI – Date
Assignment clause: a must
Evaluation of home value (Appraisal – you should pay for one)
Deposit Structure: Can you get a better deposit structure
Mortgage approval – a must
Pre-approval – a must
Insurance clause – a must
Location:
Flooding topography
Hwy access
Hydro box green
Road T
SITE PLAN disclosure – commercial or other future development, check with the city
Backing on to graveyards or other
WHAT FUTURE DEVELOPMENT WILL HAPPEN AROUND THE HOME is very import to value
Shopping close
Schools
Bus stops
Structure:
Model
Sqft cost
List of actual finishes
Design
Floor plan
How long is your Tarion Warranty, and what is under warranty and for how long?
Upgrades list and value $
Builder Insurance coverage
(* for information only – buyers need legal advice or to work with an agent)
September 20th, 2023
Source: OREB
The Ottawa Real Estate Board reported that its members sold 1,196 residential properties in August through the Board’s Multiple Listing Service® (MLS®) System data service, compared with 1,130 in August 2022, an increase of 6%. August’s sales included 903 in the freehold-property class, up 7% from a year ago, and 293 in the condominium-property category, a 2% increase from August 2022. The five-year average for total unit sales in August is 1,525.
“Ottawa Sales activity was up marginally on a year-over-year basis in August but remained well below the historical average for this time of year,” says Ken Dekker, OREB President. “There is no shortage of demand given increased immigration and the large Canadian population cohort entering the market. The lack of suitable, affordable housing is a hindrance. High borrowing costs and economic uncertainty are impacting both sellers and buyers, which we expect will continue to result in further market fluctuations.”
NUMBER OF HOME FOR SALE ARE LOWER THAN OTHER YEARS
IT LOOKS LIKE 2022 AND 2023 HAVE THE SAME AVERAGE SALE PRICE
LOW NUMBER OF LISTINGS, LOW SALE VOLUME 2023
IT LOOKS LIKE WE ARE STILL LOW ON LISTINGS
Have questions about REAL ESTATE PRICES IN OTTAWA
Request our free Property evaluation in Ottawa
Ottawa, Ontario
Discover a unique opportunity in the heart of downtown ideal for upscale living or investors. With high rental potential, this recently renovated penthouse is perfect for attracting professionals, students, or anyone looking for urban living at its best. The property can be occupied for personal use or deposited with the Les Suites Hotel Ottawa as an investment boasting a potential monthly net income of up to $3,500. This fully renovated, bright, open-concept penthouse offers 1,037 sq. ft. of spacious living, featuring 2 bedrooms and 2 full bathrooms. This gem includes access to an indoor pool, courtyard, exercise room, and more. Steps away from the Rideau Centre, University of Ottawa, ByWard Market, Parliament Hill and numerous attractions. Water, central AC, 24/7 security included in the condo fee. With limited units like this available, don't miss your chance to secure a prime piece of downtown real estate. (id:35885)
Ottawa, Ontario
A location unlike any other in Canada’s Capital City. Situated directly along the famed Rideau Canal, ECHO offers discerning residents a stylish, sophisticated lifestyle without compromise. This BRAND NEW 5TH floor residence offers 1 bedroom and 1 bathroom across 585SF of refined living space. All residences are dressed to the highest standards and feature expansive windows, Irpinia cabinetry and window coverings. Residents benefit from underground parking with EV charging, keyless entry and unlimited WIFI while building amenities include a gym, social lounge and a one of kind rooftop patio with unparalleled Canal and City views. Pet friendly, smoke free building. It’s time to LOVE where you LIVE. Photos are of the model suite. (id:35885)
Ottawa, Ontario
A location unlike any other in Canada’s Capital City. Situated directly along the famed Rideau Canal, ECHO offers discerning residents a stylish, sophisticated lifestyle without compromise. This BRAND NEW 3RD floor residence offers 1 bedroom plus a den across 755SF of refined living space plus a large balcony overlooking the surrounding community. All residences are dressed to the highest standards and feature expansive windows, Irpinia cabinetry and window coverings. Residents benefit from underground parking with EV charging, keyless entry and unlimited WIFI while building amenities include a gym, social lounge and a one of kind rooftop patio with unparalleled Canal and City views. Pet friendly, smoke free building. It’s time to LOVE where you LIVE. Photos are of the model suite. (id:35885)
Ottawa, Ontario
A location unlike any other in Canada’s Capital City. Situated directly along the famed Rideau Canal, ECHO offers discerning residents a stylish, sophisticated lifestyle without compromise. This BRAND NEW 4TH floor residence offers 1 bedroom plus a den across 750SF of refined living space plus a large balcony overlooking the surrounding community. All residences are dressed to the highest standards and feature expansive windows, Irpinia cabinetry and window coverings. Residents benefit from underground parking with EV charging, keyless entry and unlimited WIFI while building amenities include a gym, social lounge and a one of kind rooftop patio with unparalleled Canal and City views. Pet friendly, smoke free building. It’s time to LOVE where you LIVE. Photos are of the model suite. (id:35885)
Carleton Place, Ontario
2021 built detached two-storey home in the sought-after area of Carleton Place. The spacious entry with soaring ceilings welcomes you into this open concept floor plan. Modern white kitchen, dining area, and family room with gas fireplace is the heart of the home making daily living functional and entertaining a breeze. The main floor includes a powder room, expansive wall-to-wall windows, beautiful hardwood flooring, and access to the backyard through patio doors. Upstairs, you'll find 3 generously sized bedrooms, with a full bathroom and a luxurious five-piece ensuite attached to the primary bedroom. Convenient 2nd floor laundry room. The recently finished basement adds functional living space for any family, with a rec room, den/bedroom, built in bar area and tons of storage. The newly fenced backyard provides privacy and space for kids to play. Family friendly neighbourhood conveniently located near shopping, amenities and highway access. (id:35885)
Ottawa, Ontario
Open House Sunday, June 30 2-4 pm – Welcome to 41 Whitegate Crescent, a 3 bedroom 1.5 bathroom townhome on a quiet child friendly street in the heart of Longfields, Barrhaven. Pride of ownership is evident in this ideal starter home or investment opportunity. Main floor living space with beautiful hardwood floors, kitchen updated in 2015, SS appliances (stove 2022), plenty of counter and cupboard/pantry space. Powder room 2022, garage access from foyer and coat closet complete the main level. Carpeted stairs lead you to primary bedroom with walk-in closet, two good-sized bedrooms, updated family bath plus linen closet. Finished basement (2021) with rec room, laundry area, storage space. Fully fenced spacious backyard with deck tons of room for kids to play. Roof 2010 with 40 year shingles, HE furnace 2013, Windows 2011, A/C 2000. Central air; gas line for BBQ & Stove. Short walk to schools, numerous parks; close to shops, restaurants, Fallowfield station. 24 hour irrevocable on offers. (id:35885)
Ottawa, Ontario
Open House June 30 2-4pm. Welcome to 4 Saxton Private, this beautiful 3 bedrooms, 3 bathrooms move-in ready townhouse conveniently located at Redwood Park, tastefully updated with great location. Next to a huge park with tennis court, basketball court, baseball diamond, children play structure. Newly updated vinyl floors, freshly painted throughout, new hardwood stairs. Main floor with eat-in kitchen, partial bath, spacious open-concept dining room and living room with patio door to a beautiful backyard. The upper level features 3 good-sized bedrooms and 2 bathrooms. Master bedroom with an ensuite and a walk-in closet. Full basement is a blank canvas for you to create your ideas and potential uses. 10 minutes to downtown, close to highway access, IKEA, Queensway Carleton Hospital, Bayshore and plenty of shopping. Property tax was paid in full for 2024. This is a must-see property. *some photos virtually staged* (id:35885)
Ottawa, Ontario
Charming and warm home situated on a terrific corner lot, minutes from amenities, fantastic school zones and great access to parks and paths. Double car garage, 3 bright bedrooms and a finished lower level -this home is just the perfect spot for you to start making your own life long memories. Sun filled principle rooms, eat in kitchen overlooking the private yard- just the spot for summer BBQs. A fabulous opportunity to make this home your own! Primary bedroom, large enough for that ideal evening retreat, complete w/cheater ensuite and huge wall of closets. Good sized secondary bedrooms and a main bath complete the second level. Finished rec room adds to the available space in this home. Such an easy and convenient layout for any growing family. Some photos have been virtually staged. (id:35885)
Ottawa, Ontario
ACREAGE + INLAW SUITE + UPGRADES GALORE. This is the one. Situated on 21 ACRES of meticulously manicured space, sits this lovingly created estate home. The main home has 4 beds and 4 baths and the "nanny flat" has 1 bed and bath. This home is ideal for your MULTI-GENERATIONAL family. Not a detail was overlooked. From the illumination, the fixtures, appliances, and the thoughtful finishings. Every corner of this home speaks volumes about its attention to detail and craftsmanship. The main floor is open concept and features your dream kitchen, bright views, a home office and a screened in sunroom. The upper level has a fabulous master suite, complete with walk in closet and a zen 5 piece ensuite with heated floors. The lower level is fully finished with an addt'l bedroom, a full bathroom and radiant heated floors. The nanny suite is the perfect spot for a family member. This home is true showstopper. So much to describe, that you'll just need to see it for yourself. (id:35885)
Ottawa, Ontario
ACREAGE + INLAW SUITE + UPGRADES GALORE. This is the one. Situated on 21 ACRES of meticulously manicured space, sits this lovingly created estate home. The main home has 4 beds and 4 baths and the "nanny flat" has 1 bed and bath. This home is ideal for your MULTI-GENERATIONAL family. Not a detail was overlooked. From the illumination, the fixtures, appliances, and the thoughtful finishings. Every corner of this home speaks volumes about its attention to detail and craftsmanship. The main floor is open concept and features your dream kitchen, bright views, a home office and a screened in sunroom. The upper level has a fabulous master suite, complete with walk in closet and a zen 5 piece ensuite with heated floors. The lower level is fully finished with an addt'l bedroom, a full bathroom and radiant heated floors. The nanny suite is the perfect spot for a family member. This home is true showstopper. So much to describe, that you'll just need to see it for yourself. (id:35885)
Ottawa, Ontario
Welcome to 14 Pemberton, beautifully updated detached home nestled on a quiet crescent in the sought after neighborhood, Estates of Arlington Woods in Nepean. This 4 bed/2.5 bath detached home will impress you with its pride of ownership, beautiful upgrades and stunning natural light. The main level offers a bright foyer, 2-piece powder room, open concept living/dining room, & hardwood flooring throughout. The bright eat-in kitchen features granite counters and ample counter/cupboard space. Upstairs is complete with 4 spacious bedrooms, a 3-piece main bathroom. A spacious primary bedroom with a 4 piece ensuite. The finished basement provides additional recreation space & an abundance of storage space. GREAT LOCATION, in top school boundaries of Knoxdale PS, parks and transit. Short drive to downtown, Nepean Sportsplex, Algonquin college, College square, shopping & many amenities close by. Recent updates: Roof (2016), Furnace & A/C (2015), hardwood floors on the upper level (2020) (id:35885)
Ottawa, Ontario
Here's and outstanding 2460 sq. ft. Beaverbrook home in one of Kanata's most iconic location's. Sitting on a 120' lot deep mature lot, that is 7800sq. ft. in size., in a tranquil location with mature trees. This home has a Centre Hall plan with great flow and a main floor Den. It features HUGE rooms and four beautiful extra large Bedrooms. Ready to move-in - upgrades include flooring and Carpeting (23), Central Air and Paint (23), and a Premium Alarm System (fully wired & pet-friendly). Backyard has South-Western exposure with lots of sunshine, or enjoy working from home on a covered patio. Incredible location, seconds to shopping, transit, and Ottawa's top-rated Schools!!!! Remember it's all about size - Large private lot -Large Driveway -Large Rooms and an amazing location! (id:35885)
MAY 3, 2023
Source: OREB
May 2023, Ottawa Real estate Market update.
NUMBERS SOLD: The members Ottawa Real Estate Board (OREB) sold 1,488 residential properties in April through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,876 in April 2022, a decrease of 21%.
SALES NUMBERS DOWN: Sales included 1,156 in the freehold-property class, down 18% from a year ago, and 332 in the condominium-property category, a decrease of 29% from April 2022. The five-year average for total unit sales in April is 1,739.
RESALE UPWARD TREND: “Ottawa’s resale market is on a steady upward trajectory, narrowing the comparison gap to peak pandemic activity in 2022.
LOW INVENTORY – NOT ENOUGH NEW LISTINGS: New listings not keeping pace, the available housing stock is declining, and with less than two months of inventory — “we’re back into seller’s market territory,” says Ottawa Real Estate Board President Ken Dekker.
By the Numbers – Average Prices*:
“Upward pressure on sales prices continues with average prices increasing for the fourth month since the market low in December.
MULTIPLE OFFERS: Additionally, multiple offer situations have returned to certain neighbourhoods and overall days on market are maintaining their downward trend. There continues to be low inventory in certain property classes and new product is coming to the market at a slower rate, which is affecting supply.”
By the Numbers – Inventory & New Listings:
“These numbers are static, snapshots in time. REALTORS® can give buyers and sellers a fulsome day-to-day picture of how the market is shifting and heating up this season. They have their fingers on the pulse of each neighbourhood in the city and can help buyers and sellers make localized, strategic, data-informed decisions.”
REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 2,151 properties compared to 1,786 last year at this time, an increase of 20%.
* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
When inventory is low, prices go up. Look at the light blue line, slowly moving upwards, as we get more listings on the MLS market, but not as 2022 volume.
660 listed properties this week, compared to 2022 of 800-1000 listings range.
Low supply means only one thing…prices go up!
Look at the light blue line, slowly moving upwards in Sale Prices.
OREB NEWS
March 3, 2023
Members of the Ottawa Real Estate Board (OREB) sold 855 residential properties in February through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,411 in February 2022, a decrease of 39%. February’s sales included 633 in the freehold-property class, down 42% from a year ago, and 222 in the condominium-property category, a decrease of 31% from February 2022. The five-year average for total unit sales in February is 1,157.
“We’re going to see declines in transactions and prices when we compare current figures to last February — the height of the pandemic resale market activity,” says Ottawa Real Estate Board’s President Ken Dekker. “On the other hand, with the Bank of Canada holding interest rates steady, prospective buyers have more budget certainty to work with as we head into the spring market.”
By the Numbers – Average Prices*:
“The average price increase for freeholds over January could be an indicator that buyers have normalized to the current interest rates. And perhaps, it’s a glimmer of more activity to come in the months ahead.”
By the Numbers – Inventory & New Listings:
“A decrease in the days on market, paired with fewer new listings entering the market, is good news for sellers,” says Dekker. “However, if that trend continues to impact our supply stock and we don’t get more inventory, our otherwise balanced market could swing back into seller’s territory — but it’s too early to predict.”
“The best advice for sellers and buyers in today’s market is to pay close attention to the comparison and competition insights only a REALTOR® can offer. Ottawa is made up of many micro-markets, and neighbourhood-level data is vital to standing out and closing deals.”
REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 995 properties compared to 800 last year at this time, an increase of 24%.
Average Sale Price February 2023= from $708,172 down to $620,088 (-12.4% down)
Quantity of sales: 2471 down to 1513 in Feb 2023 (-38% down)
CDOM= Re-listed : Days on Market from 27 to 69 days ( more days on market: +42 days)
DOM= Days on Market – from 19 days TO 44 days longer in 2023 ( more days on market: +25 days)
Lets look at this weekly average price in Ottawa real estate.