As the summer slowdown comes to a close, it is promising to see a slight increase in average sale price for residential properties compared to this time last year.  Additionally, the number of properties sold has seen a healthy uptick. ⁠

“Being a seasonal market, it’s very encouraging to see sustained levels of activity throughout the whole summer,” says OREB President-elect Paul Czan. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.”

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“REALTORS® know firsthand how affordability remains a top concern for most buyers. With a stream of new listings hitting the market and prices holding steady, buyers are not moving with urgency. They are still using caution and taking their time to find the right property for their needs and budget. As such, sellers need to be patient and work with a REALTOR® who can use the latest neighbourhood-level data and insights to properly price their property and build a selling strategy.”

Residential average sale prices increased by 0.7% to $714,196 compared to August 2023. Condominium average sale prices decreased by 3.1% to $413,118.

The average cumulative days on market in the residential class experienced a 28.5% increase to 56 days and a 38.4% increase to 455 days for condominiums.

996 residential properties were sold in August 2024, an increase of 10.5% since last year. Condominiums sold reached 290 which is a 0.3% decrease.

Looking ahead, we anticipate the market to strengthen even further as we transition into fall – a season that traditionally brings heightened activity.

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Are you planning to sell this fall? The posts below can help:

• You Only Have One Chance to Make a First Impression
• 5 Reasons Why the Fall is a Great Time to Sell Your Home
• How to Sell Your Ottawa Home When You Have Kids or Pets

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Do you want to know more about buying or selling a home in Ottawa? You can reach out to us anytime at 613.829.7484 or email mail@chellteam.com with any questions you may have.