Market Update
The Ottawa Real Estate Board reports 1,179 properties (residential & condominiums) sold in October 2024, approximately a 45.9% increase in homes sold when compared to October 2023. Home sales totaled 11,662 units for the first ten months of the year, representing approximately a 9.4% increase for the same period in 2023. The continued increase in sales and activity reinforces the stable nature of the Ottawa market and growing confidence of buyers and sellers. Another consecutive Bank of Canada interest rate cut sent a positive signal to the market, however, some are still waiting for additional rate drops. Buyers continue to be thorough, looking at more homes, reviewing financing and including building inspection conditons in offers. We are also seeing more offers conditional on the sale of another home. The key is to review the supply in your own neighborhood or the neighborhood you want to move to, this will give you a better idea of the tightness/competitiveness in the market.
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). The overall MLS® HPI composite benchmark price for Ottawa was $639,500 in October 2024, an increase of approximately 0.4% from October 2023. Benchmark price for single family home was $724,500, up 0.7% on a year-over-year basis when compared to October 2023. The benchmark price for a townhouse/row unit was $506,900, up 1.6% compared to a year earlier. The benchmark apartment price was $407,500 representing a 3.4% decrease from a year ago.
The average sale price for homes sold in October 2024 was $668,690 increasing 1.2% from October 2023. The year to date average price was $678,081, increasing by approximately 0.9% from the first 10 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. (Consumer Confidence Cautiously on the Rise in Ottawa Resale Market, November 6, 2024)
For Kanata, unit sales in October 2024 (all housing types) were 115, translating to approximately a 57.5% increase when compared with October 2023. For greater Stittsville, unit sales in October 2024 (all housing types) were 62 units, representing approximately a 63.2% increase from October 2023. In Kanata, the average sale price in October 2024 was $708,590 for all housing types, representing approximately a 2.7% increase when compared to October 2023. Year to date, the average sale price in Kanata was $716,320, a 1.0% increase when compared to the same time frame in 2023. For greater Stittsville, the average sale price in October 2024 versus October 2023, increased 12.4% to $807,728 for all housing types. Year to date, the average sale price in greater Stittsville was $781,668, 0.9% increase when compared to the first ten months of the year in 2023. (Source: Ottawa Real Estate Board Residential Market Activity and MLS® Home Price Index Report-Detailed, October 2024)
October residential inventory in Ottawa – 2,089 new properties (all housing types) on the market in October 2024, an increase of approximately 10.4% when compared to October 2023 and 6.7% above the five-year average for October. At the end of October, there were 3,354 homes for sale (all housing types), about a 8.9% increase when compared to the end of October 2023 and 40.6% higher when compared to the 5 year average for October.
At the end of October 2024, Ottawa’s inventory of homes (all housing types) was 2.8 months, down from 3.8 months at the end of October 2023 (this is the number of months it would take to sell current inventories at the current rate of sales activity). Contact us if you would like an update on your neighborhood/a specific street or type of home.
Click here to read our Ottawa Market Update October 2024 – 50 Years of Change.
Source: Consumer Confidence Cautiously on the Rise in Ottawa Resale Market, November 6, 2024
