Source: OREB
What happened in the Ottawa market in January 2024?
In January 2024, the Ottawa Real Estate Board (OREB) saw home sales increase by 16.5% compared to January 2023, totalling 629 units. The MLS® Home Price Index (HPI), which offers a more accurate portrayal of price trends, showed a 3.2% gain in the overall composite benchmark price, reaching a benchmark price of $621,600. Single-family homes saw a 3.7% increase with a benchmark price of $703,500, while townhouse/row unit prices decreased by 2.1% to $462,200, and apartment prices increased by 3.7% to $418,500. The average price of homes sold was $631,722, marking a 1.8% increase from 2023.
New listings experienced a 7.3% increase from 2023, with 1,271 new residential listings in January 2024. Active residential listings at the end of January 2024 were up by 4.5% compared to 2023, totalling 1,961 units. The months of inventory decreased from 3.5 to 3.1 from 2023 to 2024, indicating a slight tightening of the market. These statistics provide valuable insights for potential buyers, sellers, and real estate professionals navigating Ottawa’s housing market.
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