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.

• The overall benchmark price was $628,900 in November 2023, nearly unchanged, up only 1.4% from November 2022.
  1. The benchmark price for single-family homes was $708,900, up 1.6% on a year-over-year.
  2. By comparison, the benchmark price for a townhouse was $492,300, nearly unchanged, up 0.8% compared to a year earlier.
  3. 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.

LOW INVENTORY IN THE OTTAWA REAL ESATE MARKET JAN 2024

Still plague Market and causes prices to increase once again.