Home sales in Ottawa reached 1,241 units in July 2024, a 13.6% increase from July 2023, though still below the five- and ten-year averages. Year-to-date, 8,349 homes have been sold, marking a 5.5% rise compared to the same period in 2023.
OREB President Curtis Fillier notes, "July’s activity is encouraging and could signal more gains ahead. Buyer confidence is improving, and sellers are steadily listing new properties, though supply and affordability challenges remain."
Recent policy changes, including interest rate cuts and extended amortization periods, may boost demand, but Ottawa's housing supply issues persist. With only 1,593 homes built out of a 2024 target of 12,583, more action is needed to meet the city's housing needs.
By the Numbers Prices & Listings
HPI Benchmark Prices:
- Overall: $648,900 (+0.1% YoY)
- Single-family homes: $734,700 (-0.1% YoY)
- Townhouses: $506,100 (+3.4% YoY)
- Apartments: $422,800 (-0.9% YoY)
Average Prices:
- July 2024: $679,610 (-2.1% YoY)
- Year-to-date: $681,082 (+1.0% YoY)
- Market Activity: New listings: 2,231 (+17.1% YoY)
- Active listings: 3,480 (+37.0% YoY)
- Months of inventory: 2.8 (up from 2.3 in July 2023)
Thinking of buying or selling in Ottawa? Contact our team today for expert advice and to explore the latest opportunities in the market. Let’s find your next home or investment together!
*While average sale prices indicate trends, they do not reflect changes in the value of specific properties, as prices vary across neighborhoods.
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