July 8th, 2024 | Real Estate News

Ottawa Real Estate – June 2024

As we enter the summer season, the Ottawa housing market remains steady.⁠ ⁠ We’ve observed a modest uptick in the average sale price and number of homes sold for residential properties compared to this time last year.

“Ottawa continues to see steady activity as we head into the summer market,” says OREB President Curtis Fillier. “Unlike recent years, buyers have more room to wait, evaluate and be selective when searching for the right property at the right price, leading to a slight uptick in the days on market. Sellers are making moves as evidenced by the inventory and listings. After recovering from last year’s slowdown, Ottawa’s market performance is nearly back on par and continues to make gains.”

“It’s going to be an interesting summer and next half of the year”, states Fillier. “As confidence builds, there will be ample opportunities for both parties. Now is the time for sellers to ensure their property is at its best and priced appropriately to attract buyers who remain slightly reluctant. Buyers would do well to remember that inventory levels — and competition — can swing quickly in Ottawa’s tight market.”

Residential average sale prices increased by 0.2% to $748,220 compared to June 2023. Condominium average sale prices decreased by 1.7% to $441,560.

The average cumulative days on market in the residential class experienced a 34.9% increase to 45 days and a 24.5% increase to 45 days for condominiums.

1,261 residential properties were sold in June 2024, an increase of 3% since last year. Condominiums sold reached 359 which is a 14.1% decrease.

As we look ahead to the remainder of the year, we are expecting to see plenty of opportunities for buyers and sellers alike as market confidence grows.

Why choose Ottawa for your next home? The posts below will give you some food for thought:

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.