Hello and Welcome to our Ottawa Real Estate Market Stats Update!
In this edition of the April 2024 update, we will go over the trends that happened within the Ottawa Real Estate Market.
In April 2024, Ottawa’s real estate market showed signs of resilience and growth, with 1,456 homes sold through the MLS® System of the Ottawa Real Estate Board (OREB). This marked an impressive increase of 8.9% compared to April 2023.
Despite this uptick in sales, April’s figures fell slightly below the five-year average by 2% and the 10-year average by 6.9%. However, on a year-to-date basis, home sales for the first four months of 2024 totaled 4,132 units, reflecting a robust 11.5% increase from the same period in 2023.
OREB President Curtis Fillier commented on the market dynamics, noting a restored mutual confidence among both buyers and sellers. Sellers are buoyed by recent sales activity, leading to an increase in listings, while buyers are comfortable taking their time to find properties that suit their needs, with the pressure of the pandemic market easing.
Fillier emphasized the evolving demographic of buyers, highlighting the shift of townhomes to a seller’s market due to shrinking supply and the strong activity in the single-family homes market, which is impacting the average sale price.
Looking ahead, Fillier anticipates the next few months to be telling and interesting as people continue to redefine their post-pandemic normal amidst an upcoming federal election and back-to-work mandate for government workers. He stressed the importance of detailed insights and data that REALTORS® have access to, which will be invaluable in helping buyers fine-tune their strategies for specific neighborhoods and property types.
In summary, Ottawa’s real estate market remains strong and stable, offering opportunities for both buyers and sellers as they navigate the evolving landscape in the months to come.