June 7th, 2024 | Real Estate News

Ottawa Real Estate – May 2024

Ottawa’s spring housing market is showing signs of steady momentum. We’ve observed a slight uptick in average sale prices for both residential and condominium class properties compared to this time last year.

“Ottawa’s early spring market was unsurprisingly steady,” says OREB President Curtis Fillier. “The increase in new listings indicate that sellers are more confident that properties are moving as market activity picks up. Some buyers, however, were likely waiting for the Bank of Canada’s interest rate announcement to see if it would affect their purchasing power.”

“The first interest rate cut in four years is good news, but expectations still need to be managed as long as supply issues and high home prices persist.” states Fillier.

Residential average sale prices increased by 0.3% to $748,873 compared to May 2023. Condominium average sale prices increased by 4% to $461,007.

The average cumulative days on market in the residential class experienced a 11.9% increase to 40 days and a 9.9% increase to 39 days for condominiums.

1,324 residential properties were sold in May 2024, a decrease of 10% since last year. Condominiums sold reached 426 which is a 7.4% decrease.

It will be interesting to see what happens in the coming months given the recent announcement of the first interest rate decrease in four years and its potential impact on buyers looking to purchase a home. With more favourable borrowing conditions, we may see a serge in market activity.

Are you thinking about buying or selling a home in Ottawa? The posts below will help you make an informed decision:

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.