Ottawa Real Estate Board - October 2023 Update

🇨🇦 Ottawa's real estate market experienced a typical seasonal slowdown in October 2023, with 816 home sales, a 2.7% decrease from the previous year.

📈 Despite the slowdown, the average home price in October 2023 increased to $660,836, a 2.9% rise from the previous year.

🏡 New residential listings saw a notable 6.6% increase, totalling 1,895, while active listings rose by 16.7% to 3,062 units, suggesting a growing inventory in the market.

🏘️ The number of months of inventory slightly increased to 3.8, indicating the time it would take to sell current inventories at the existing sales rate, providing insights into market stability.

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