Market Update
The Ottawa Real Estate Board reports 1,456 properties (residential & condominiums) sold in April 2024, approximately a 8.9% increase in homes sold when compared to April 2023 and approximately 25% more sales when compared to March 2024 (1,165 units sold).
The Ottawa Real Estate Board will now be 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 $643,700 in April 2024, up approximately 1.6% from April 2023, up approximately 1.1% from March 2024. Benchmark price for single family homes was $727,700 up 1.6% on a year-over-year basis when compared to April 2023. The benchmark price for a townhouse/row unit was $500,800, up slightly at 1% compared to a year earlier. The benchmark apartment price was $423,100, representing a 2.1% increase from a year ago.
The average sale price for homes sold in April 2024 was $705,117, increasing 1.2% from April 2023. For the first four months of this year, the year-to-date average price was $675,817, up 2.4%. Keep in mind, its important to look at what is happening in your neighborhood and with comparable homes. (Source: Ottawa Real Estate Board, Residential Market Activity & MLS® Home Price Index Report – Highlight, April 2024)
For Kanata, unit sales in April 2024 (all housing types) were 158, translating to approximately a 16.2% increase when compared with April 2023. For greater Stittsville, unit sales in April 2024 (all housing types) were 79 units, representing approximately a 1.2% decrease from April 2023. In Kanata, the average sale price in April 2024 was $707,946 for all housing types, representing approximately a 3.1% decrease when compared to April 2023. For greater Stittsville, the average sale price, April 2024 versus April 2023, decreased 2.1% to $774,169 for all housing types. (Source: Ottawa Real Estate Board Residential Market Activity and MLS® Home Price Index Report-Detailed, April 2024)
April residential inventory in Ottawa – 2,597 new properties (all housing types) on the market in April 2024, an increase of approximately 40.5% when compared to April 2023 and 19.7% above the five-year average for April. At the end of April, there were 2,966 homes for sale (all housing types), about a 36.6% increase when compared to the end of April 2023 and 62.6% higher when compared to the 5 year average for April.
At the end of April 2024, Ottawa’s inventory of homes (all housing types) was 2 months, up from 1.6 months at the end of April 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.
If you are planing to sell or purchase this year or next, now is the time to make a plan, whether that means developing a financial plan to purchase your first home, upsize or rightsize, determining what kind of housing option you are looking for and/or getting your present home ready for market. We are happy to help with all. A market evaluation of your present home will assist with estimating your budget, as well as, prioritizing any items to be repaired/updated before putting your home on the market. A good mortgage broker can run some scenarios for you, to give you an idea of your monthly mortgage payment & additional costs (taxes, insurance, condo fee if applicable, etc.).
Click here to read our Ottawa Market Update April 2024 – 50 Years of Change.
Source: Modest Gains Across Ottawa’s MLS® Market a Sign of Shared Confidence, May 6, 2024
