Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for December 2023 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.
In December 2023, the Ottawa Real Estate Board reported a total of 565 homes sold through the MLS® System, marking a 7.6% rise from December 2022.
This figure stood 16% below the five-year average and 11.9% under the 10-year average for December.
For the entire 2023, there were 11,978 home sales, reflecting an 11.0% decrease from 2022.
OREB President Curtis Fillier commented, “Ottawa's housing market concluded 2023 in a poised, balanced position, hinting at a resurgence in consumer confidence. While the full effects of rate stabilization might unfold in the latter half of 2024, the momentum from December suggests a promising year for Ottawa.”
Ken Dekker, OREB's past president, added, “The market's path hasn't been straightforward. Although 2022’s peak might not be immediately revisited, Ottawa’s market seems set to reclaim lost territory. Both buyers and sellers should exercise patience; however, promising opportunities await.”
By the Numbers – Prices:
The MLS® Home Price Index (HPI) offers a more nuanced view of price trends than average or median prices. December 2023 witnessed a 2.7% uptick in the overall MLS® HPI composite benchmark price from the previous year, settling at $623,900.
Specifically:
Single-family homes: $704,900 (up 2.7% YoY)
Townhouse/row unit: $481,100 (a 4.2% YoY increase)
Apartments: $417,200 (a 2.1% YoY rise)
The average home price in December 2023 was $632,487, a 1.7% increment from December 2022. However, the average price for the year was $667,794, marking a 5.5% dip from 2022.
December 2023 recorded home sales worth $357.3 million, a 9.4% surge from December 2022. OREB emphasized that while the average sale price indicates overarching trends, it doesn't reflect specific property value changes.
By the Numbers – Inventory & New Listings:
New residential listings saw a notable drop, declining by 12.4% from December 2022 to 523 listings in December 2023. This figure was 4% shy of the five-year average and 16.1% less than the 10-year average for December.
By the end of December 2023, 1,844 residential listings were active, marking a 3.0% rise from December 2022. These active listings exceeded the five-year average by 55.5% but were 17.2% below the 10-year average.
The inventory measured at 3.3 months by December's end, slightly down from 3.4 months in December 2022. This metric gauges how long it would take to deplete the current inventory at the present sales rate.
Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.
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