In August, the Ottawa real estate market experienced increased activity with 1,100 homes sold, according to the Ottawa Real Estate Board (OREB). This represents a 10.2% increase compared to August 2023, although sales remained below both the five-year (-11.4%) and 10-year (-14.1%) averages for the month.
Year-to-date, Ottawa has seen 9,444 home sales in 2024, a 6.0% increase from the previous year.
Buyers are advised to remain cautious and work with realtors
“It’s very encouraging to see sustained levels of activity throughout the summer in a seasonal market,” says OREB president-elect Paul Czan. “With a third consecutive interest rate drop from the Bank of Canada, we expect a busy market in the fall.”
Affordability is a major concern for buyers, but a steady flow of new listings and stable prices have kept them cautious. Czan emphasizes the importance of sellers being patient and collaborating closely with realtors to set appropriate prices and develop effective selling strategies.
Source: OREB
Price trends
The composite benchmark price for the area in the last month was $646,000, a 0.3% decrease from the previous year. Benchmark prices were $732,500 for single-family homes (-0.3%), $502,200 for townhouse/row units (+0.3%), and $416,800 for apartments (-1.2%).
The average price of homes sold in August was $660,341, showing a 0.3% increase from the previous year. Year-to-date, the average home price is $678,327, up 0.9% from the previous year.
Inventory & listings
Ottawa saw significant gains in housing inventory in August, with 1,907 new residential listings, a 0.2% increase from the previous year. Active listings rose by 25.8% to reach 3,324 units, and months of inventory increased to 3.0, up from 2.6 in August 2023.
Source link
This article was complied by AI and NOT reviewed by human. More information can be found in our Terms and Conditions.
