Ottawa home sales last month well below typical September levels: OREB

home sales OREB

Home sales in Ottawa were 29.6 per cent below the five-year average and 23.6 per cent below the 10-year average for the month of September, the Ottawa Real Estate Board (OREB) reported Friday.

On a year-to-date basis, home sales totalled 9,889 units over the first nine months of 2023, a “large” decline of 13 per cent from the same period in 2022, according to OREB.

The number of homes sold totalled 946 units in September 2023, unchanged from September 2022.

OBJ360 (Sponsored)

“Sales activity came in right on par with where it stood at the same time last year but was still running well below typical levels for a September,” said Ken Dekker, OREB president. 

“New listings have surged in the past several months, which has caused overall inventories to begin gradually rising again. However, available supply is still low by historical standards and we have ample room to absorb more listings coming on the market.”

Dekker added that the market is “right in the middle of balanced territory,” and while benchmark prices are down from last year, they are trending at about the same levels from 2021.

The overall composite benchmark price was $643,600 in September 2023, up 0.5 per cent compared to September 2022. The benchmark price for single-family homes was $727,500, up 0.6 per cent on a year-over-year basis in September. The benchmark price for townhouse/row units was $510,900, a gain of 2.5 per cent compared to a year earlier, while the benchmark apartment price was $422,300, falling by 1.1 per cent from year-ago levels.

The average price of homes sold in September 2023 was $675,412, an increase of 2.7 per cent from September 2022. The year-to-date average price was $672,837, a decline of 6.5 per cent from the first nine months of 2022.

The dollar value of all home sales in September 2023 was $638.9 million, up 2.7 per cent from the same month in 2022.

New listings increased 9.8 per cent from September 2022 to 2,259, 4.8 per cent above the five-year average and seven per cent above the 10-year average for the month of September.

Active listings numbered 2,997 units on the market at the end of September, a “sizable” gain of 14 per cent from the end of September 2022. According to OREB, active listings haven’t been this high in the month of September in five years.

Active listings were 33.9 per cent above the five-year average but 18.5 per cent below the 10-year average for the month of September.

Get our email newsletters

Get up-to-date news about the companies, people and issues that impact businesses in Ottawa and beyond.

By signing up you agree to our Terms of Use and Privacy Policy. You may unsubscribe at any time.