What happened in the Ottawa market in February 2024?
Explore the latest trends in Ottawa’s real estate market, as reported by the Ottawa Real Estate Board (OREB). February saw a notable increase in both home sales and listing activity compared to the same period last year, demonstrating promising growth. We saw a steady appreciation in prices, demonstrating an increase in buying confidence and an increase in transactions.
With this steady appreciation, the MLS® Home Price Index (HPI) reflects an upward trajectory in the overall composite benchmark price at $628.500, a 2.8% increase from 2023. This was further reflected by the prices as broken down into single-family homes, townhomes, and apartments which all experienced gains. Overall, the market demonstrates promising growth, indicating a favourable environment for buyers and sellers alike.
In terms of listings, February 2024 witnessed a significant surge in both new and active listings. These figures highlight an active market, with new listings surpassing both the five-year and 10-year averages, while active listings remain above the five-year average and slightly below the 10-year average for February.
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