Newsletter

Members of the Ottawa Real Estate Board (OREB) sold 1,456 residential properties in April 2024. This was an increase of 8.9% from April 2023.

“It’s a typical spring in Ottawa’s real estate market,” says OREB's President. What sets it apart from recent springs is a restored mutual confidence among both buyers and sellers. Buoyed by recent sales activity, sellers are more confident that they can move their property as evidenced by the uptick in listings. For buyers, the pressure of the pandemic market has eased and they’re comfortable taking the time to find the property that best suits their needs. The pace is still conservative while the economy is holding some back, but overall Ottawa’s market is strong and stable, and that’s a win-win.”

The overall MLS® HPI composite benchmark price was $643,700 in April 2024, a marginal gain of 1.6% from April 2023.

The benchmark price for single-family homes was $727,700, up 1.6% on a year-over-year basis in April.

By comparison, the benchmark price for a townhouse/row unit was $500,800, up slightly at 1.0% compared to a year earlier.

The benchmark apartment price was $423,100, up 2.1% from year-ago levels.

“The real story is in the details,” says OREB's President. “Looking more closely at what’s selling and for how much suggests the demographic of buyer is changing. While most of Ottawa’s market is in balanced territory, townhomes have shifted to the seller’s market side as supply shrinks. Single-family homes are the most active market, which is inflating the average sale price. The next few months will be both telling and interesting as people continue to redefine their post-pandemic normal amid an upcoming federal election and back-to-work mandate for government workers. The detailed insights and data that REALTORS® have unique access to will be invaluable in helping buyers fine-tune their strategy for their specific neighbourhood and property type.”