As we navigate through 2024, it’s clear that Ottawa’s real estate market has been active and fluctuating. Analyzing the monthly transaction data provides valuable insights into how the market has evolved over the first eight months. Let’s break down the key trends and their meaning for everyone involved in Ottawa’s real estate scene.

Monthly Market Activity

January: The year kicked off with a modest 479 transactions, consisting of 323 residential and 156 condominium sales.
February: The market grew momentum with 687 transactions—459 residential and 228 condominiums.
March: Activity continued to increase, with 910 transactions, including 609 residential and 301 condominiums.
April: The typical spring momentum carried into April with 1,164 transactions—822 residential and 342 condominiums.
May: The market hit its highest point of the year with 1,215 transactions, split between 831 residential and 384 condominiums.
June: There was a slight cooling with 1,102 transactions, comprising 766 residential and 336 condominiums.
July: The summer months declined to 960 transactions—658 residential and 302 condominiums.
August: The trend continued downward with 823 transactions, including 563 residential and 260 condominiums.

What do the next four months look like?

To better understand the potential end-of-year market dynamics, let’s compare these figures with the sales from last year:

Last September: 731 transactions (501 residential and 230 condominiums).
Last October: 614 transactions (402 residential and 212 condominiums).
Last November: 573 transactions (392 residential and 181 condominiums).
Last December: 438 transactions (296 residential and 142 condominiums).

Key Observations

Spring Surge: April and May were solid months for Ottawa’s real estate market. The peak in transactions during these months aligns with typical seasonal trends, highlighting a robust spring market.
Summer Slowdown: In June through August, the market experienced a natural decline during the summer. This seasonal dip is typical as activity slows down and people take vacations, often leading to fewer transactions.
Yearly Growth: When comparing this year’s data with last year’s, it’s evident that Ottawa's real estate market has been more active overall. So far, year to date (January 1st - August 31st), we've seen 4.1% more homes sold than last year. 7,340 homes were sold until the end of August compared to 7,050 homes in 2023.
Market Stability: The decline in transactions from the spring peak to the summer suggests a stabilization rather than a downturn. This is typical as the market adjusts to the high activity of the spring season.

Looking Forward

As we move towards the end of the year, these trends offer valuable insights for prospective buyers, sellers, and investors. Buyers might find more opportunities in the fall and winter as the market cools down and inventory increases. Sellers may consider listing their properties in the spring to capitalize on the peak market activity.

Overall, Ottawa’s real estate market continues to show resilience and adaptability. Staying informed about these trends will help you make strategic decisions whether you’re entering the market or considering your next move.

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