Multifamily Real Estate Update Sept 2023

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Published 2023-10-03

Multi-Unit Residential Market, October 1, 2023: There have been 94 sales of Income Properties in Ottawa in September, 2023. 83 sales were smaller buildings, down 15.3% over September, 2022 and 11 sales were larger buildings with 5 or more units, down 52.2%.

The average price for a smaller income property in Ottawa is now $1,042,621 down 7.1%, these include Double, Duplex, Triplex and Fourplex buildings.

The average price for a larger multi-unit building is $1,555,000 down 31.8% over last year. These include buildings with 5 or more apartments in them.

How long are Income Properties taking to Sell?
Smaller Duplex, Triplex and Fourplex properties are taking 70 days to sell in 2023 versus 50 last year. Larger buildings with 5 or more units are taking 121 days to sell, versus 81 days last year. We are reporting cumulative days on market which is more accurate.

How Much did Sellers get as a % of their list price?
Smaller buildings with 2-4 units achieved 96% of their list price and Larger buildings are selling for 95% of their list price.

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