Ottawa Condo Market Comparison: YTD 2024 vs. 2023

As we reach the halfway point of the year, it's a perfect time to take a closer look at how the Ottawa condo market has performed in 2024 compared to 2023. Whether you’re looking to buy, sell, or invest in condos, understanding these trends can provide valuable insights to guide your decisions.

Year-to-Date (January 1st to June 30th) 2024 vs. 2023

2024 Condo Stats:

Sales: 447 units sold
Average Sale Price: $529,122
Days on Market: 62 days on average

2023 Condo Stats:

Sales: 446 units sold
Average Sale Price: $513,975
Days on Market: 51 days on average

The condo market in Ottawa has seen a slight increase in the number of sales this year, with 447 units sold in the first half of 2024 compared to 446 during the same period last year. This minimal increase in sales indicates a stable market. More notably, the average sale price of condos has risen to $529,122, up from $513,975 in 2023. This 2.9% increase reflects a healthy appreciation in property values, signalling strong demand and a robust market for sellers.

However, condos are taking longer to sell in 2024, with an average of 62 days on the market compared to 51 days last year. This suggests that while buyers are willing to pay higher prices, they are also taking more time to make their decisions. This could be due to various factors such as economic conditions, interest rates, or simply a more cautious approach by buyers.

June 2024 vs. June 2023 Condo Stats

June 2024 Stats:

Sales: 97 units sold
Average Sale Price: $524,045
Days on Market: 61 days on average
Condos Sold Over $1,000,000: 7

June 2023 Stats:

Sales: 108 units sold
Average Sale Price: $513,975
Days on Market: 43 days on average
Condos Sold Over $1,000,000: 2

June 2024 saw fewer condo sales compared to June 2023, with 97 units sold versus 108 units last year. Despite this drop in sales volume, the average sale price in June 2024 increased to $524,045 from $513,975 in June 2023. This price rise indicates continued demand and a healthy market.

A significant highlight for June 2024 is the number of condos sold for over $1,000,000. There were seven such high-end sales this year compared to only two in June 2023. This surge in luxury condo sales points to strong interest and investment in the higher-end market, reflecting confidence in Ottawa's real estate sector.

However, similar to the year-to-date trend, condos took longer to sell in June 2024, averaging 61 days on the market compared to 43 days in June 2023. This extended selling period reinforces the observation that buyers are taking more time to finalize their purchases.

Key Takeaways for Buyers and Sellers

For Buyers: With average sale prices on the rise, entering the market sooner rather than later could be advantageous, particularly if you are eyeing the luxury segment. The increased days on market also suggest that you might have more room to negotiate and find a condo that fits your needs without feeling rushed.

For Sellers: The steady increase in sale prices and the jump in high-end sales are encouraging signs. However, the longer selling times mean that patience and strategic marketing are crucial. Highlighting the unique features of your condo and pricing it competitively will help attract serious buyers.

For Investors: The Ottawa condo market remains attractive, with solid price appreciation and significant activity in the luxury segment. Keeping an eye on these trends will help identify promising investment opportunities.

The first half of 2024 has demonstrated a stable and growing Ottawa condo market. With rising average sale prices and strong activity in the luxury segment, the market presents opportunities for buyers, sellers, and investors alike. Staying informed about these trends will help you navigate the Ottawa real estate landscape effectively.

For more detailed insights or personalized advice, feel free to contact our team. Stay tuned for our monthly market updates to keep up with the latest developments in Ottawa's real estate scene.