April 5th, 2024 | Real Estate News

Ottawa Real Estate – March 2024

Spring and summer are looking promising for Ottawa’s real estate market! ⁠There has been a slight increase in the average sale price and number of properties sold compared to this time last year for residential and condominium class properties alike.

“Ottawa’s real estate market is overall healthy, providing fertile ground for an active spring and summer ahead,” says OREB President Curtis Fillier. “The increases in new and active listings indicate that sellers are feeling more confident, boosted by the rise in showing activity. Buyers, however, aren’t acting as quickly as they perhaps should be — likely because affordability and supply are still roadblocks.”

“Something is around the corner in this market, though,” says Fillier. “People have adjusted to post-pandemic life and that means revisiting their housing needs. Some are downsizing or moving in from the city’s outskirts. Others are looking at more suitable properties that better meet all their needs, which weren’t accessible to them in the peak pandemic market. That’s creating pressure from multiple angles on the mid-range property market, which we know is tight to begin with in Ottawa. Just because you’re in the real estate market, doesn’t mean you’re safe from the market. If you’re a buyer or seller looking to make a move, I wouldn’t wait too long.”

Residential average sale prices increased by 4.6 to $743,563 compared to March 2023. Condominium average sale prices increased by 4.1% to $435,671.

The average cumulative days on market in the residential class experienced a 7.7% decrease to 47 days and a 9.3% decrease to 51 days for condominiums.

990 residential properties were sold in March 2024, an increase of 11.5% since last year. Condominiums sold reached 322 which is a 7% increase.

As we typically see this time of year, more properties are hitting the market and there has been an increase in activity amongst current listings. These trends signal an optimistic outlook and promising season ahead for Buyers and Sellers alike.

Thinking about selling your home? The posts below will help:

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.