The Ottawa Real Estate Board will soon issue the March news release presenting the February statistics, in the interim here is a snapshot of the Ottawa’s real estate market, there are several key developments and trends to note:
- Market Activity and Prices: The Ottawa housing market experienced an increase in sales activity in January 2024, with sales rising by 11.3% compared to the previous month. This rebound comes after a period of seven consecutive months of declining sales activity. Despite this increase, sales remain below the 5-year and 10-year averages for January. The average home price in Ottawa for January 2024 was $631,722, marking a slight decrease of 0.1% from the previous month but a 3.1% increase from January 2023. The market is described as balanced, with a Sales-to-New Listings Ratio (SNLR) of 49%, indicating neither a seller’s nor a buyer’s market.
- Inventory Levels and Market Conditions: January 2024 saw 629 home sales, a 4.3% increase compared to January 2023. New listings surged by 143% from the previous month, totaling 1,271, and were 7.3% higher than in January 2023. The active listings at the end of January 2024 stood at 1,961, with 3.1 months of inventory available, suggesting a relatively stable supply of homes on the market.
- Property Types and Prices: Different property types experienced varying degrees of price adjustments and sales volume changes. Single-family homes saw a median selling price of $699,995 in January 2024, up 2.2% from the previous year. Townhouses had a median price of $555,000, a slight increase of 0.5% year-over-year. Apartments remained steady with an average price of $375,000, unchanged from the previous year.
- Future Price Predictions: Housing prices in Ottawa are expected to increase by an average of 4.5% by the end of 2024. This forecast suggests a return to more normal market conditions after periods of volatility.
