Source: OREB
What happened in the Ottawa market in December 2023?
In December 2023, the Ottawa market, as reported by the Ottawa Real Estate Board (OREB), saw a boost with the sale of 565 homes through the real estate system, marking a 7.6% increase from the same month in 2022. Despite this growth, home sales lagged behind the average for both the past five and ten years. Throughout 2023, a total of 11,978 homes changed hands, reflecting an 11% decline compared to 2022. The average home price in December 2023 rose to $632,487, showing a 1.7% increase from the previous year. The overall average price for the year settled at $667,794, indicating a 5.5% decrease compared to 2022. Single-family homes commanded an average price of $704,900 in December, representing a 2.7% year-over-year increase. Townhouses/row units and apartments also experienced price hikes.
Turning to new listings, December 2023 witnessed a notable 12.4% drop, resulting in 523 new residential listings. This figure fell below the average for both the past five and ten years. At the end of December, there were actively listed 1,844 homes for sale, indicating a 3% increase from December 2022. However, this number remained higher than the average for the past five years and lower than the average for the past ten years. The months of inventory, estimating how long it would take to sell the current homes on the market, experienced a slight decrease from 3.4 months in December 2022 to 3.3 months in December 2023.
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