Last month in Ottawa, there were 1,439 homes sold, representing a 0.1% increase from the previous year and a 7.5% decrease from the five-year average for June, as reported by the Ottawa Real Estate Board (OREB).
Year-to-date, there have been 7,109 home sales in the first half of the year, marking a 4.2% increase compared to the same period in 2023.
OREB president, Curtis Fillier, stated, “Ottawa’s real estate market continues to show steady activity as we enter the summer season. Buyers now have more time to evaluate and be selective in their property search, resulting in a slight increase in days on market. Sellers are also active, as indicated by the inventory levels and listings. After recovering from last year’s slowdown, Ottawa’s market performance is nearly back to normal and continues to improve.”
Looking ahead, Fillier added, “The upcoming summer and second half of the year will be interesting. With growing confidence, there will be opportunities for both buyers and sellers. Sellers should focus on presenting their property in the best possible way and pricing it attractively to appeal to slightly hesitant buyers. Buyers should be aware that inventory levels and competition can change rapidly in Ottawa’s competitive market.”
Prices
In June, the MLS Home Price Index (HPI) was $647,700, a 0.5% decrease from June 2023.
The average prices for different types of homes in June were as follows: single-family homes averaged $734,300 (down 0.2% from the previous year), townhouse/row unit homes averaged $501,500 (1.6% decrease from last year), and apartment homes averaged $420,800 (1.7% less than the previous year).
Inventory & new listings
Last month, Ottawa saw a 4.7% increase in new listings (2,469) compared to June 2023, which was slightly below the five-year average.
There were a total of 3,585 active listings, marking a 45.5% increase from the same period last year and a 57.8% increase from the five-year average. The months of inventory stood at 2.5, up from 1.7 the previous year.
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