Members of the Ottawa Real Estate Board (OREB) sold 1,545 residential properties in May 2024. This was a
decrease of 9.2% from May 2023.
“Ottawa’s early spring market was unsurprisingly steady,” says OREB's President. The increase in new listings indicate that sellers are more confident that properties are moving as more activity returns to the market. Some sellers, however, were likely waiting for the Bank of Canada’s interest rate announcement to see if it would affect their purchasing power. The first interest rate cut in four years is good news, but expectations still need to be managed as long as supply issues and high home prices persist.”
“Interest rate cuts, for example, can’t help get more homes built and make them affordable when the City of Ottawa is hiking development fees — a counterproductive move that OREB is firmly against.”
The overall MLS® HPI composite benchmark price was $651,300 in May 2024, a marginal gain of 1.2% from May 2023.
The benchmark price for single-family homes was $736,000, up 1.1% on a year-over-year basis in May.
By comparison, the benchmark price for a townhouse/row unit was $517,500, up 2.1% compared to a year earlier.
The benchmark apartment price was $425,000, up 2.0% from year-ago levels.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
Comments:
Post Your Comment: