October 2023 | Ottawa Real Estate Market Insights
Overall Market
Stacked condominiums had the highest median price increase in October 2023, with a 4% rise compared to October 2022, outperforming other property types.
Condominium apartment transactions saw an 11% YoY increase in volume.
In the overall market, the median sales price remained relatively stable, with a nominal 1% dip, while the average sale price increased by approximately 2.4% YoY.
Luxury Market
The luxury market threshold increased to $1,469,500, a 16.6% YoY increase, and a 5.6% MoM increase.
YoY, median prices in the luxury market rose by 29% for detached homes and 37% for condominium apartments.
The luxury market was led by the Glebe area, with 3 notable sales, including a condo selling for over $2.3 million and 2 detached homes fetching over $3.5 million.
In October 2023, the Ottawa real estate market showcased interesting developments, with a noticeable impact in both the luxury and overall segments. Here's a detailed analysis of the month's significant trends.
Our office observed a significant shift in the luxury market, as the threshold for the price that constitutes a luxury property increased by an impressive 16.6% YoY, reaching $1,469,500. This change has generated enthusiasm among luxury property owners but is on trend with behaviours that we have been tracking in this segment for some time.
Within the luxury segment, detached homes witnessed a remarkable 29% YoY increase in median prices, while condominium apartments exhibited an even more substantial growth of 37%. The Glebe emerged as a leader in the luxury market, posting the 3 highest sales for the month, including a condo that sold for over $2.3 million and two detached homes fetching over $3.5 million.
Beyond the luxury market, the overall real estate sector demonstrated remarkable resilience. Stacked condominiums emerged as a rising star, with a 4% median price increase compared to 2022. Condominium apartments recorded an 11% YoY transaction volume boost, while detached homes experienced a 5% decrease, though still maintaining an 8% lead over their competitors.
Furthermore, the sales volume increased by 1.5% in the detached home market and a significant 10% in the condo apartment market. Although there was a marginal 1% dip in the median sales price in the overall market, the average sale price maintained a healthy increase of approximately 2.4% YoY.
In October 2023, Ottawa's real estate scene underwent notable transformations. These shifts in both luxury and general markets underscore the significance of comprehending the distinct product segments that constitute the marketplace. Grasping their influence on the overall market is essential for making well-informed decisions.
