Source: OREB
What happened in the Ottawa market this July?
As summer comes to a close, Ottawa’s real estate market saw some noteworthy shifts in August 2024. Let’s dive into the numbers and trends shaping the market, and what it means for buyers, sellers, and investors.
This past August, 1,100 homes were sold through the Ottawa Real Estate Board’s (OREB) MLS® system. This marks a solid 10.2% increase in sales compared to August of last year, signalling a more active market despite broader economic uncertainties.
Price Trends: Small Dips and Steady Growth
The overall benchmark price for homes in Ottawa stood at $646,000 in August, reflecting a slight 0.3% decrease compared to the same time in 2023. There were different movements across property types:
- Single-family homes saw a 0.3% dip, with their benchmark price settled at $732,500.
- Townhouses/row units saw a 0.3% increase, with benchmark prices reaching $502,200.
- Apartment-style properties experienced a 1.2% drop, with the benchmark price now at $416,800.
The average sale price of homes in Ottawa during August 2024 was $660,341, reflecting a 0.3% increase compared to August 2023. While prices remain relatively stable, there is a broader story to consider in the months ahead.
New listings in August remained almost unchanged year-over-year, with 1,907 new residential listings coming to market, a modest 0.2% increase compared to last year. However, the number of active residential listings surged, reaching 3,324 units—a 25.8% jump from August 2023. This rise in inventory suggests that buyers may have more options to explore in the coming months.
Homes in Ottawa stayed on the market longer than they did a year ago, with the median number of days increasing from 18 days in August 2023 to 24 days in August 2024. This shift may provide a bit more breathing room for buyers, but also highlights the importance of pricing competitively if you’re planning to sell.
Whether you’re a buyer, seller, or investor, Ottawa’s August 2024 real estate market presents both opportunities and challenges. Buyers can benefit from increased inventory and relatively stable prices, while sellers will need to remain competitive in pricing as market conditions evolve.
