February 8th, 2024 | Real Estate News

Ottawa Real Estate – January 2024

Though we are still experiencing a relatively quiet market compared to pre-pandemic times, we’re seeing positive momentum in the market!

⁠Compared to this time last year, January has experienced a significant surge in the number of properties sold. Additionally, average sale prices for residential and condominium properties alike have seen a slight uptick. ⁠

“Ottawa’s market activity is seeing positive gains over last year but it’s still a relatively quiet market even by pre-pandemic standards,” says OREB President Curtis Fillier. “While REALTORS® are telling us there’s lots of showing activity — probably thanks in part to the forgiving winter thus far — it’s not all translating to sales. This tells us that buyers are back out there looking, but still approaching cautiously. During the pandemic market, buyers had to move quickly and sometimes settle for a property that didn’t check all their boxes. Today, buyers are using the slower market to take the time needed to find their perfect place. Sellers would be well-advised to adjust their expectations and thoughtfully consider their pricing and timing strategy using the negotiating expertise and hyper-local data their REALTOR® can provide.”

“Ottawa’s market conditions can fluctuate quickly, though, because our supply is chronically low,” adds Brandon Reay, OREB’s policy and external relations manager. “Ottawa needs more suitable and affordable homes to address the housing crisis, and we need to increase density to meet population demands. We can’t restore and grow upon the market activity Ottawa saw five and 10 years ago without more houses for people to buy.”

Residential average sale prices increased by 1% to $683,522 compared to January 2023. Condominium average sale prices increased by 0.2% to $413,194.

The average cumulative days on market in the residential class experienced a 13% increase to 76 days and a 8% decrease to 69 days for condominiums.

537 residential properties were sold in January 2024, an increase of 18% since last year. Condominiums sold reached 169 which is a 16% increase.

In conclusion, Ottawa’s real estate market is showing signs of improvement compared to the previous year. Though there have been signs in increased showing activity, Buyers appear to be cautiously navigating their options.

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Do you have questions about Ottawa real estate? Reach out today at 613.829.7484 or email mail@chellteam.com, and one of our experts will be happy to help you.