Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for August 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.
Ottawa’s Housing Market Stays Strong as Summer Winds Down: What to Expect This Fall
Ottawa’s real estate market had an active summer, and the momentum is expected to carry into the fall. While rising home sales signal a steady market, buyers and sellers alike are navigating a landscape shaped by affordability concerns and a changing interest rate environment. Here’s a breakdown of what happened in August 2024 and what you should know moving forward.
Home Sales Climb Compared to Last Year
August 2024 saw 1,100 homes sold through the Ottawa Real Estate Board (OREB), marking a 10.2% rise from August 2023. This increase is notable because, while home sales are up from last year, they are still 11.4% lower than the five-year average for August and 14.1% lower than the 10-year average.
Year-to-date numbers are promising as well, with 9,444 properties sold so far this year, up by 6% compared to the same period last year. This trend points to a more consistent level of sales despite Ottawa’s typical seasonal fluctuations, bolstered by recent drops in interest rates.
Buyers Taking Their Time, Sellers Urged to Be Patient
Even though home sales are climbing, buyers aren’t rushing into deals. With affordability remaining a significant concern, people are being more deliberate in their decisions, carefully weighing their options before making offers. The slight uptick in new listings combined with steady pricing means buyers have more choices, but they are moving cautiously.
For sellers, this means adjusting expectations. Quick sales aren’t guaranteed, and patience is key. Real estate professionals recommend working with a REALTOR® who has access to local data and market trends. With expert pricing and strategy, homes are more likely to attract the right buyer.
What’s Happening with Prices?
While it’s tempting to look at average sale prices to gauge market performance, it’s more accurate to consider benchmark prices, which track value changes based on property types and characteristics.
The overall MLS® Home Price Index (HPI) for August 2024 is $646,000, down slightly by 0.3% compared to August 2023.
Single-family homes saw a similar slight decrease in benchmark price, now at $732,500.
Townhouses and row homes, on the other hand, experienced a small bump in price, rising by 0.3% to $502,200.
Apartments dipped a bit, with the benchmark price falling by 1.2% to $416,800.
On average, homes sold for $660,341 in August 2024, a modest increase of 0.3% from last year. For the year as a whole, the average sale price has risen by 0.9% to $678,327. These numbers show that prices are relatively stable, meaning the market isn’t swinging wildly in either direction.
The Inventory Picture: More Homes Available
The supply of available homes is a critical factor in Ottawa’s real estate dynamics. In August, 1,907 new homes came onto the market, a slight 0.2% increase compared to last August. Overall, there were 3,324 active residential listings by the end of the month, representing a 25.8% increase from a year ago.
The market is starting to offer more choices for buyers, but inventory is still tight compared to long-term trends. The months of inventory—the number of months it would take to sell all the available homes at the current sales pace—stood at 3.0 in August, up from 2.6 last year. While this is an improvement, it’s still lower than the historical average, meaning the market remains competitive for buyers.
Homes Are Selling Faster
One encouraging sign for sellers is that homes are still moving quickly. The average home was on the market for 24 days in August, reflecting strong demand despite cautious buyers. This means that, with the right pricing and marketing strategy, sellers can expect their homes to sell in under a month on average.
What Does This All Mean for You?
For buyers, the current environment offers a bit more breathing room. With interest rates trending down and more homes becoming available, it’s a good time to start looking at your options. There’s no need to rush, though—prices are holding steady, and you’ll likely have more opportunities as fall progresses.
For sellers, patience and strategy are your best friends. While the market is active, buyers are moving more cautiously, which means working closely with a knowledgeable REALTOR® to price your home correctly is essential. Marketing your home effectively will also make a difference, ensuring you attract serious buyers.
Takeaways as We Head into Fall
The Ottawa real estate market has proven resilient throughout the summer, with sales increasing and prices staying stable. As we move into fall, this momentum is expected to continue, offering opportunities for both buyers and sellers. Whether you’re looking to purchase or sell, staying informed and working with a professional will help you navigate this evolving market.
Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.
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