May 3rd, 2024 | Real Estate News

Ottawa Real Estate – April 2024

Ottawa’s spring market is showing signs of strength and stability. There has been a significant increase in the number of homes sold for residential and condominium properties compared to this time last year.

“It’s a typical spring in Ottawa’s real estate market,” says OREB President Curtis Fillier. “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 real story is in the details,” says Fillier. “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.

Residential average sale prices increased by 1.7% to $762,515 compared to April 2023. Condominium average sale prices decreased by 0.4% to $434,709.

The average cumulative days on market in the residential class experienced a 3.6% increase to 42 days and a 2.6% increase to 48 days for condominiums.

1,278 residential properties were sold in April 2024, an increase of 11.1% since last year. Condominiums sold reached 376 which is a 13.6% increase.

In conclusion, Sellers are displaying an increased confidence reflected by the increase in new listings. Conversely, buyers are benefitting from a less pressured environment. ⁠ This balance between supply and demand is ideal for both buyers and sellers alike.

Should you consider buying a home in Ottawa? The posts below might help you decide:

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