Ottawa Real Estate Market Update: October 2024
Source: OREB
Increased Sales Activity Month-Over-Month
The Ottawa Real Estate Board (OREB) reported 1,179 homes sold through the MLS® System in October, marking a rise from the 1,047 homes sold in September and a 45.9% increase from the same month last year. This uptick in activity reflects continued Buyer interest, even as the autumn months set in.
Stable Prices with Slight Year-Over-Year Growth
The overall MLS® HPI composite benchmark price in Ottawa reached $639,500 in October 2024, showing a slight 0.4% increase compared to October 2023. This consistency highlights Ottawa’s stable real estate market, providing reassurance for Buyers and Sellers alike.
Benchmark Prices by Property Type
- Single-Family Homes: The benchmark price rose to $724,500, up 0.7% from 2023.
- Townhouse/Row Units: Saw a stronger increase, with the benchmark price at $506,900, up 1.6% from last October.
- Apartment Units: A slight decrease here, with the benchmark price down 3.4% to $407,500 compared to last year.
Average Price Trends
The average sale price for all home types in October 2024 was $668,690, a modest 1.2% increase from October 2023. Year-to-date, the average price is tracking at $678,081, reflecting a 0.9% rise from the same period last year showing a steady climb month-over-month as well.
New Listings and Active Inventory on the Rise
The number of new listings rose to 2,089 units in October, representing a 10.4% increase year-over-year. This supply level also stands well above historical norms, with listings 6.7% above the five-year average and 17% above the 10-year average for October.
Active listings saw a similar boost, with 3,354 units on the market by month’s end, up 8.9% from last October. The active inventory is also 40.6% above the five-year average, providing buyers with more choices as we head into the final months of the year.
What Does This Mean for Buyers and Sellers?
For Buyers, the increase in inventory and stabilizing prices create an opportune time to explore Ottawa’s housing options with a balanced selection available in the market.
For Sellers, the sustained buyer interest and year-over-year price growth in single-family and townhouse properties demonstrate strong market demand.
As we look toward the end of 2024, Ottawa’s real estate market remains resilient, balancing steady demand with an increase in supply—a promising setup for both new Buyers and seasoned Sellers. Stay tuned next month for more updates as we round out another year in Ottawa’s vibrant market!
