Ottawa Home Sales Steady in June Despite Inventory Surge: OREB
Ottawa Real Estate Market Update: Summer Activity and Trends
According to the Ottawa Real Estate Board (OREB), 1,439 homes were sold in Ottawa last month, a slight increase of 0.1 percent compared to last year. However, this figure remains 7.5 percent below the five-year average for June.
For the first half of the year, year-to-date home sales totalled 7,109 units, representing a 4.2 percent increase from the same period in 2023.
“Ottawa continues to see steady activity as we head into the summer market,” says OREB President Curtis Fillier. “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 the 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.”
As we move further into the summer and the latter half of the year, the real estate landscape in Ottawa promises to be intriguing. “As confidence builds, there will be ample opportunities for buyers and sellers,” Fillier notes.
“Now is the time for sellers to ensure their property is at its best and priced appropriately to attract buyers who still need to be more convinced. Buyers should keep in mind that inventory levels — and competition — can swing quickly in Ottawa’s tight market.”
This dynamic environment offers significant potential for both parties and understanding market trends will be crucial for making informed decisions.
Ottawa Real Estate Prices: June Update
The MLS Home Price Index (HPI) for Ottawa was $647,700 in June, reflecting a decrease of 0.5 percent from June 2023.
The average price of single-family homes was $734,300, a slight decline of 0.2 percent year over year. Townhouse and row-unit homes averaged $501,500, a decrease of 1.6 percent from the previous year. Apartment homes averaged $420,800, which is 1.7 percent lower than a year ago.
Ottawa Real Estate Inventory and New Listings: June Overview
Ottawa saw a 4.7 percent increase in new listings last month, totalling 2,469, compared to June 2023. This figure is 0.8 percent below the five-year average.
The total number of active listings reached 3,585, up 45.5 percent from the same period last year and 57.8 percent above the five-year average. The months of inventory rose to 2.5, up from 1.7 the previous year.
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