August 8th, 2024 | Real Estate News
Ottawa Real Estate – July 2024
While the summer often brings a seasonal slowdown due to vacations, we’ve seen a notable increase in the number of properties sold for both residential and condominium class properties compared to this time last year.
“As the market pace typically slows in the summer, July’s activity is encouraging and could be a sign of more gains ahead,” says OREB President Curtis Fillier. “Buyer confidence is slowly but surely catching up while sellers continue to add a steady stream of new listings. Of course, the extent to which that translates into transactions depends on the type of properties and price points available in our communities as supply and affordability issues persist.”
“It’s too early to tell, but recent policy developments could be a boost,” says Fillier. “Two consecutive interest rate cuts by the Bank of Canada, coupled with the federal government’s introduction of 30-year amortization periods on mortgages for first-time homebuyers purchasing newly built homes, will help some buyers. However, these are demand policies and Ottawa — as well as many cities across the country — needs action on the supply side.”
Residential average sale prices decreased by 3% to $732,237 compared to July 2023. Condominium average sale prices increased by 1.4% to $439,666.
The average cumulative days on market in the residential class experienced a 32.7% increase to 50 days and a 26.8% increase to 48 days for condominiums.
1,086 residential properties were sold in July 2024, an increase of 11.4% since last year. Condominiums sold reached 325 which is a 15.7% increase.
As we look ahead, it will be interesting to see how the market responds in the coming months. With the two recent interest rate cuts potentially driving further activity, this could be an ideal time for those considering buying or selling.
Looking for more tips for finding the right real estate opportunity in Ottawa? The posts below will help you be prepared:
- Should I Buy an Investment Property Now for My Kids in the Future?
- Should You Buy a Semi-Detached Home in Ottawa?
- 6 Advantages of Buying a Home with an Ottawa Real Estate Agent
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.
