March 4th, 2024 | Real Estate News

Ottawa Real Estate – February 2024

Ottawa’s real estate market continues to thrive! The number of homes sold in February has experienced a significant increase for both residential and condominium class properties compared to this time last year.

“Even with higher prices and the interest rate holding steady, Ottawa is a strong, active market,” says OREB President Curtis Fillier.”

“With metrics across the board up from last year, it’s clear both buyers and sellers are making moves,” stats Fillier. “The metrics, however, don’t tell us about all the people relegated to the sidelines because affordability remains out of reach for many.”

Residential average sale prices decreased by 0.5 to $705,443 compared to February 2023. Condominium average sale prices increased by 4.5% to $429,592.

The average cumulative days on market in the residential class experienced a 4% decrease to 59 days and a 0.8% decrease to 63 days for condominiums.

763 residential properties were sold in February 2024, an increase of 21% since last year. Condominiums sold reached 245 which is a 10% increase.

In conclusion the Ottawa real estate market continues to demonstrate resilience despite higher home prices and stable interest rates. Activity remains robust, indicating a strong drive from buyers and sellers alike. As we head into the spring market, the momentum is poised to continue.