Ottawa MLS® Market Shows Early Signs of a Buzzing Spring Market

Members of the Ottawa Real Estate Board (OREB) sold 1,165 residential properties in March 2024. This was an increase of 10% from March 2023.

“Ottawa’s real estate market is overall healthy, providing fertile ground for an active spring and summer ahead,” says OREB's President. “The increases in new and active listings indicate that sellers are feeling more confident, boosted by the rise in showing activity. Buyers, however, aren’t acting as quickly as they perhaps should be — likely because affordability and supply are still roadblocks”

“Something is around the corner in this market, though. People have adjusted to post-pandemic life and that means revisiting their housing needs. Some are downsizing or moving in from the city’s outskirts. Others are looking at more suitable properties that better meet all their needs, which weren’t accessible to them in the peak pandemic market. That’s creating pressure from multiple angles on the mid-range property market, which we know is tight to begin with in Ottawa. Just because you’re in the real estate market, doesn’t mean you’re safe from the market. If you’re a buyer or seller looking to make a move, I wouldn’t wait too long.”

The overall MLS® HPI composite benchmark price was $636,700 in March 2024, a gain of 2.7% from March 2023.

The benchmark price for single-family homes was $719,000, up 2.6% on a year- over-year basis in March.

By comparison, the benchmark price for a townhouse/row unit was $489,800, up slightly at 0.9% compared to a year earlier.

The benchmark apartment price was $418,500, up 3.7% from year-ago levels.