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 October 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.
Market Outlook Reflects Growing Consumer Confidence in Ottawa’s Resale Housing Sector
In October 2024, the Ottawa Real Estate Board (OREB) reported 1,179 properties sold through its MLS® System, marking an increase from 1,047 in September. Although sales remain 3.9% below the five-year average and 0.9% below the ten-year average for October, the market continues to show resilience with steady, year-round activity instead of the usual seasonal patterns.
On a cumulative basis, 11,662 homes have been sold year-to-date in 2024, which represents a 9.4% increase over the same period in 2023. OREB President Curtis Fillier notes that this consistent demand is bolstered by a gradual rise in consumer confidence, particularly following a recent Bank of Canada interest rate cut. “The boost in consumer confidence is evident, though many prospective buyers await further reductions in borrowing costs.”
The recent rate adjustment may alleviate some pressure, but market conditions remain challenging due to constrained housing supply. The Ontario government’s latest economic outlook scaled back housing starts for 2024 to 81,300 units, a significant shortfall from its target of 125,000 homes. This downward revision reflects broader economic constraints, including elevated interest rates that continue to affect builders’ ability to launch new projects.
Fillier emphasizes that inventory challenges remain paramount in Ottawa. "Our market often operates with tight inventory, rapidly shifting from balance to a seller’s market. More innovative policies and new inventory solutions are essential to support housing affordability and accessibility."
Housing Supply Advocacy and Strategic Solutions
OREB has recently partnered with the Canadian Real Estate Association in advocating for enhanced housing supply strategies. In meetings with federal policymakers, REALTORS® outlined proposals to expand housing access, including promoting offsite construction technology (such as prefabricated homes) and extending tax relief for non-profit affordable housing projects.
Price Trends
The MLS® Home Price Index (HPI) continues to offer a comprehensive view of pricing trends across property types. In October 2024:
The overall HPI benchmark price for residential properties was $639,500, reflecting a 0.4% increase year-over-year.
The benchmark price for single-family homes rose to $724,500, up 0.7% from last year.
Townhouse/row unit benchmark prices increased by 1.6% to $506,900.
The benchmark apartment price declined by 3.4% to $407,500.
The average sale price for homes sold in October reached $668,690, up 1.2% year-over-year, while the year-to-date average price rose to $678,081, a 0.9% increase from October 2023. The total sales volume for October 2024 was $788.3 million, marking a 47.7% gain from last year.
OREB advises that while average prices provide an overall trend, they are not definitive indicators of specific property value changes, as neighbourhood variations significantly impact prices.
Inventory and New Listings
New residential listings for October 2024 totalled 2,089, representing a 10.4% increase over the previous year. New listings are notably above both the five- and ten-year October averages, at 6.7% and 17%, respectively. Active listings reached 3,354, an 8.9% increase from last October and significantly higher than the five-year average (40.6% above) and ten-year average (6.7% above).
The months of inventory declined to 2.8, down from 3.8 in October 2023, indicating a tightening supply relative to sales activity.
This upward shift in consumer confidence, coupled with proactive advocacy for housing supply innovation, underscores Ottawa’s potential for continued stability and growth in its real estate market.
October 2024 Market Highlights
Total Properties Sold: 1,179 units were sold via the Ottawa Real Estate Board’s MLS® System, reflecting a notable increase from September’s 1,047 units, though sales were 3.9% below the five-year October average.
Benchmark Prices:
Single-Family Homes: The benchmark price for single-family homes was $724,500, marking a 0.7% year-over-year increase.
Apartments: Benchmark prices for apartments declined 3.4%, settling at $407,500.
Overall Composite Price: The MLS® Home Price Index (HPI) composite benchmark for Ottawa was $639,500, a slight 0.4% increase from October 2023.
Average Sale Price: The average price of homes sold in October was $668,690, a 1.2% year-over-year increase.
New Listings: Ottawa saw 2,089 new residential listings in October, an increase of 10.4% from October 2023. This figure is 6.7% above the five-year October average and 17% above the 10-year average, indicating a healthy influx of properties into the market.
Active Listings and Days on Market:
Active Listings: At the end of October, there were 3,354 active listings, up 8.9% from the previous year, and 40.6% above the five-year October average.
Days on Market: Properties averaged 24 days on the market, reflecting efficient sales turnover in the current environment.
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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