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Ottawa Home Prices and Market Activity: Stay Informed
Ottawa home prices dipped slightly in June as the real estate market experienced “steady activity” heading into the summer, according to the Ottawa Real Estate Board (OREB).
The average sale price for all homes and condominiums in Ottawa was $647,000 in June, marking a 0.5 percent decrease from June 2023. Specifically, the average price for a single-family home was $734,300, a 0.2 percent decline from the previous year, while the average price for a townhouse fell by 1.6 percent to $501,500.
In June, a total of 1,439 homes were sold in Ottawa, showing a marginal increase of 0.1 percent from June 2023. However, home sales were 7.5 percent below the five-year average for June.
“Ottawa continues to see steady activity as we head into the summer market,” OREB President Curtis Fillier stated. “Unlike recent years, buyers have more room to wait, evaluate, and be selective when searching for the right property at the right price, leading to a slight uptick in the days on market. Sellers are making moves, as evidenced by the inventory and listings. After recovering from last year’s slowdown, Ottawa’s market performance is nearly back on par and continues to make gains.”
In June, the Bank of Canada reduced its overnight rate to 4.75 percent from 5 percent, with the next scheduled rate announcement set for July 24.
“This summer and the latter half of the year promise to be interesting. As confidence builds, there will be ample opportunities for both buyers and sellers,” Fillier noted. “Now is the time for sellers to ensure their property is at its best and priced appropriately to attract buyers who remain slightly reluctant. Buyers should remember that inventory levels — and competition — can swing quickly in Ottawa’s tight market.”
The Ottawa Real Estate Board reported 2,469 new listings in June 2024, a 4.7 percent increase from 2023. By the end of June, there were 3,585 active listings in Ottawa.
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