Hello and Welcome to our Ottawa Real Estate Market Stats Update!
In this edition of the market update, we will go over the trends that happened within the Ottawa Real Estate Market in October 2024.
The Ottawa real estate market remained active in October, with 1,179 homes sold through the MLS® System of the Ottawa Real Estate Board (OREB). This reflects a continued monthly increase from the 1,047 units sold in September. Despite the recent rise, home sales were still slightly below both the five- and ten-year October averages, sitting 3.9% and 0.9% lower, respectively. However, year-to-date sales show positive momentum, reaching 11,662 units—a 9.4% increase compared to the same period in 2023.
Prices: by the Numbers
The MLS® Home Price Index (HPI) provides a more accurate reflection of price trends than average or median price measures. Here’s how the numbers stack up for October 2024:
- Overall MLS® HPI composite benchmark price: $639,500 in October 2024 (increase of 0.4% from October 2023)
- Single-family homes: $724,500 (up 0.7% year-over-year)
- Townhouse/row units: $506,900 (up 1.6% year-over-year)
- Apartments: $407,500 (down 3.4% year-over-year)
The average price of homes sold in October 2024 was $668,690 increasing 1.2% from October 2023. The more comprehensive year-to-date average price was $678,081, increasing by 0.9% from October 2023. The dollar volume of all home sales in October 2024 was $788.3 million, up 47.7% from October 2023.
OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.
Inventory and New Listings
The number of new listings saw an increase of 10.4% from October 2023. There were 2,089 new residential listings in October 2024. New listings were 6.7% above the five-year average and 17% above the 10-year average for the month of October.
Active residential listings numbered 3,354 units on the market at the end of October 2024, a gain of 8.9% from October 2023. Active listings were 40.6% above the five-year average and 6.7% above the 10-year average for the month of October.
Months of inventory numbered 2.8 at the end of October 2024, compared to 3.8 in October 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
With steady price trends and increased inventory, the Ottawa market continues to offer opportunities for both buyers and sellers. However, the balance of inventory and slight price shifts highlight the importance of working with a knowledgeable real estate professional to navigate the market effectively. Whether you’re considering buying, selling, or simply staying informed, understanding these market trends can help make informed decisions.