Market Update
The Ottawa Real Estate Board reports 1,439 properties (residential & condominiums) sold in June 2024, approximately a 0.1% increase in homes sold when compared to June 2023. However, home sales totaled 7,109 units for the first half of the year, representing approximately a 4.2% increase for the same period in 2023. We are seeing potential purchasers look at more homes, being diligent in reviewing a home, checking budgets and getting financing in place before making a decision. For sellers, home mainteance, curb appeal, staging and pricing based on market value are important to encourgage potential buyers.
The Ottawa Real Estate Board is now using the MLS® Home Price Index (HPI) to track changes in the real estate market (this tool is used by Canadian Real Estate Association across Canada). We will start to use this measurement and also provide some average data for Ottawa. The overall MLS® HPI composite benchmark price was $647,700 in June 2024, down slightly at approximately 0.5% from June 2023, and down slightly (about 0.6%) from May 2024. Benchmark price for single family homes was $734,300, down 0.2% on a year-over-year basis when compared to June 2023. The benchmark price for a townhouse/row unit was $501,500, down 1.6% compared to a year earlier. The benchmark apartment price was $420,800, representing a 1.7% decrease from a year ago.
The average sale price for homes sold in June 2024 was $686,535, increasing 0.5% from June 2023. The year to date average price was $681,345, increasing by approximately 1.6% from the first 6 months of 2023. Keep in mind, these are averages so some homes experienced a larger gain and some less, it is key to look at what is happening in your neighborhood, surrounding neighborhoods and with comparable homes. (Source: Ottawa’s MLS® Activity Builds After Recoring form Prior Slowdown, Ottawa, July 4, 2024, Ottawa Real Estate Board)
For Kanata, unit sales in June 2024 (all housing types) were 126, translating to approximately a 17.6% decrease when compared with June 2023. For greater Stittsville, unit sales in June 2024 (all housing types) were 91 units, representing approximately a 44.4% increase from June 2023. In Kanata, the average sale price in June 2024 was $743,432 for all housing types, representing approximately a 4.9% increase when compared to June 2023. For greater Stittsville, the average sale price in June 2024 versus June 2023, increased 1.3% to $789,493 for all housing types. (Source: Ottawa Real Estate Board Residential Market Activity and MLS® Home Price Index Report-Detailed, June 2024)
June residential inventory in Ottawa – 2,469 new properties (all housing types) on the market in June 2024, an increase of approximately 4.7% when compared to June 2023 and 0.8% below the five-year average for June. At the end of June, there were 3,585 homes for sale (all housing types), about a 45.5% increase when compared to the end of June 2023 and 57.8% higher when compared to the 5 year average for June.
At the end of June 2024, Ottawa’s inventory of homes (all housing types) was 2.5 months, up from 1.7 months at the end of May 2023 (this is the number of months it would take to sell current inventories at the current rate of sales activity). However, the key is too look at the inventory in your own neighborhood and those close by if you are thinking of making a change. Contact us if you would like an update on your neighborhood.
With the increase in new listings on the market in June, buyers have some more time to look at more homes, evaluate and be selective when looking for the right home at the right price. But it also means buyers need to be prepared so that when the right house comes along they are ready. Similarly, sellers need to attract buyers and have their home priced appropriately and looking its best.
Click here to read our Ottawa Market Update June 2024 – 50 Years of Change.
Source: Ottawa’s MLS® Activity Builds After Recovering from Prior Slowdown, July 4th
