Let's refresh on the numbers for our Ottawa market updates
Navigating Ottawa’s real estate market demands a clear grasp of property valuation methods. If you’re following us on social media, you may have noticed our Ottawa market updates adopting a fresh look. This shift reflects the Ottawa Real Estate Board’s (OREB) adoption of the Canadian Real Estate Association (CREA) MLS® Home Price Index (HPI) reporting system.
What does this mean for you?
The OREB now divides the numbers into three categories.
Each of these categories includes different property styles.
- Single-family homes include standalone “detached” homes and “semi-detached” homes defined as two homes connected on one side.
- Townhomes include row units defined as three or more homes connected side-by-side and stacked units defined as homes connected by being stacked on top of each other. Stacked units differ from apartments in that the building is typically smaller, contains fewer units, and as a whole resembles a traditional townhome.
- Apartments are defined as a single unit in a multi-unit building complex, often sharing common spaces and other communal areas.
What does "benchmark" price mean?
Benchmark price estimates the value of a “typical” home in a particular market using MLS® HPI data. It standardizes comparisons between properties within the market, aiding in tracking market trends over time and comparing Ottawa with other regions. Whether you’re buying, selling, renting, or investing, this data is invaluable for comprehending Ottawa’s real estate landscape and its relation to other Canadian cities. Understanding benchmark prices provides deeper insights into Ottawa’s real estate dynamics, aiding in informed decision-making aligned with your objectives. To see these numbers in action read our 2023 review of the Ottawa market update here.
