Author: Nicole

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,439 units in June 2024. This was a marginal increase of 0.1% from June 2023.

Home sales were 7.5% below the five-year average and 13.2% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 7,109 units over the first half of the year — an increase of 4.2% from the same period in 2023.

“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. 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.”

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By the Numbers – Prices:

The MLS^® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

• The overall MLS® HPI composite benchmark price was $647,700 in June 2024, a decrease of 0.5% from June 2023.
• The benchmark price for single-family homes was $734,300, down 0.2% on a year-over-year basis in June.
• By comparison, the benchmark price for a townhouse/row unit was $501,500, down 1.6% compared to a year earlier.
• The benchmark apartment price was $420,800, down 1.7% from year-ago levels.
• The average price of homes sold in June 2024 was $686,535 increasing 0.5% from June 2023. The more comprehensive year-to-date average price was $681,345, increasing by 1.6% from the first six months of 2023.
• The dollar volume of all home sales in June 2024 was $987.9 million, up 0.7% from June 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings

• The number of new listings saw an increase of 4.7% from June 2023. There were 2,469 new residential listings in June 2024. New listings were 0.8% below the five-year average and 1% below the 10-year average for the month of June.
• Active residential listings numbered 3,585 units on the market at the end of June 2024, a gain of 45.5% from June 2023. Active listings were 57.8% above the five-year average and 1.9% below the 10-year average for the month of June.
• Months of inventory numbered 2.5 at the end of June 2024, up from 1.7 in June 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

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The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,545 units in May 2024. This was a decrease of 9.2% from May 2023.

Home sales were 3.7% below the five-year average and 13.2% below the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 5,673 units over the first five months of the year — an increase of 5.2% from the same period in 2023.

“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 more activity returns to the market. Some sellers, 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.”

“Interest rate cuts, for example, can’t help get more homes built and make them affordable when the City of Ottawa is hiking development fees — a counterproductive move that OREB is firmly against.”

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By the Numbers – Prices:

The MLS^® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

• The overall MLS® HPI composite benchmark price was $651,300 in May 2024, a marginal gain of 1.2% from May 2023.
• The benchmark price for single-family homes was $736,000, up 1.1% on a year-over-year basis in May.
• By comparison, the benchmark price for a townhouse/row unit was $517,500, up 2.1% compared to a year earlier.
• The benchmark apartment price was $425,000, up 2.0% from year-ago levels.
• The average price of homes sold in May 2024 was $690,683 increasing 0.8% from May 2023. The more comprehensive year-to-date average price was $679,862, increasing by 1.8% from the first five months of 2023.
• The dollar volume of all home sales in May 2024 was $1.06 billion, down 8.5% from the same month in 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings

• The number of new listings saw an increase of 26.2% from May 2023. There were 3,034 new residential listings in May 2024. New listings were 23.2% above the five-year average and 10.2% above the 10-year average for the month of May.
• Active residential listings numbered 3,552 units on the market at the end of May 2024, a gain of 59.4% from May 2023. Active listings were 72.2% above the five-year average and 2.9% below the 10-year average for the month of May.
• Months of inventory numbered 2.3 at the end of May 2024, up from 1.3 in May 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

More News from OREB

Welcome, Nicole Christy!

On June 3, 2024, OREB welcomed a new CEO, Nicole Christy. Nicole joins OREB from the London and St. Thomas Association of REALTORS® (LSTAR) where she rose to the position of Vice-President, Corporate Governance and Leadership Development.

“It’s a pivotal time in a rapidly evolving industry, but our mission remains steadfast: for OREB and its REALTOR® Members to be respected as the leading authority on real estate matters,” says Christy. “I know I’m joining an exceptional team and I look forward to working with everyone to bring our Members new tools and services that will elevate their practice and the value they offer to clients — including new technologies that facilitate barrier-free access to province-wide listing and property data.”

Nicole joined LSTAR in 2021 after several years working on housing policy and providing government relations support to some of Canada’s leading national associations, including the Canadian Real Estate Association (CREA), the Federation of Canadian Municipalities, and the Canadian Home Builders’ Association.

Swing and a hit!

Ottawa REALTORS® took to the greens on May 30, 2024, for OREB’s Annual Charity Golf Tournament, helping to raise an impressive $24,206.25. Through the Ontario REALTORS Care® Foundation, 100% of the funds raised will be donated to local shelter-related charities that provide a refuge, haven, or other type of protection from the effects of hunger, the elements, abuse, disabilities, and illness. In 2023, OREB donated more than $117,000 to local charities thanks to events such as the annual golf tournament and other fundraising initiatives.

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The Ottawa Real Estate Board (OREB) commends the Government of Ontario for its $9.5 million investment to develop more than 100 supportive housing units in Ottawa. At a time when our city is grappling with a housing and homelessness emergency, this funding will build the right kind of homes for people who need them the most. OREB and its Member REALTORS® are committed to advocating for a diverse range of affordable and suitable housing options to meet the varying needs of our community because everyone in Ottawa deserves a place to call home.

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Ottawa was the first city in Canada to declare a housing and homelessness emergency. Despite chronic affordability and supply issues, Ottawa’s city council is proposing an ill-timed and counterproductive increase in development charges.

The Ottawa Real Estate Board (OREB) strongly opposes the proposed increase and wants the city to reconsider a move that threatens to worsen the challenges facing prospective homebuyers. The ramifications of a cost increase will also be felt beyond the broader housing market in our community when businesses and services cannot adequately attract and retain staff due to a lack of housing.

Raising development charges will significantly increase the cost of new homes. These charges, intended to fund essential infrastructure like roads, water, and wastewater services, already add a substantial financial burden to new developments. Further hikes will lead to higher home prices and slow the construction of new homes — ultimately making homeownership less attainable for many Ottawa residents.

At a time when we should be expanding the housing supply and enhancing affordability, this proposal moves us in the opposite direction. It risks deepening the housing crisis, putting additional financial strain on families and individuals striving to buy their first home. It runs counter to the federal and provincial governments’ efforts to address housing issues through new funding initiatives that do not rely on increasing costs for consumers.

OREB recommends implementing more effective and equitable solutions to funding essential infrastructure without hindering housing development, including:

• Capitalizing on federal and provincial funding programs designed to support municipal infrastructure projects without passing costs onto homebuyers.
• Allowing water and wastewater services to be provided by municipal services corporations.
• Changing city-wide policies to end exclusionary zoning, thereby allowing more diverse and affordable housing options to be built.
• Encouraging higher density developments along transit corridors to maximize the use of existing infrastructure.
• Helping switch underused commercial properties into residential spaces, increasing the housing supply without new land development.

OREB and its 4,000 member REALTORS® have insights and innovative solutions that promote housing affordability and supply and are committed to working with Ottawa’s city council, policy makers and housing partners to help more residents secure suitable housing.

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The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,456 units in April 2024. This was an increase of 8.9% from April 2023.

Home sales were 2% below the five-year average and 6.9% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 4,132 units over the first four months of the year — an increase of 11.5% from the same period in 2023.

“It’s a typical spring in Ottawa’s real estate market,” says OREB President Curtis Fillier. “What sets it apart from recent springs is a restored mutual confidence among both buyers and sellers. Buoyed by recent sales activity, sellers are more confident that they can move their property as evidenced by the uptick in listings. For buyers, the pressure of the pandemic market has eased and they’re comfortable taking the time to find the property that best suits their needs. The pace is still conservative while the economy is holding some back, but overall Ottawa’s market is strong and stable, and that’s a win-win.”

“The real story is in the details,” says Fillier. “Looking more closely at what’s selling and for how much suggests the demographic of buyer is changing. While most of Ottawa’s market is in balanced territory, townhomes have shifted to the seller’s market side as supply shrinks. Single-family homes are the most active market, which is inflating the average sale price. The next few months will be both telling and interesting as people continue to redefine their post-pandemic normal amid an upcoming federal election and back-to-work mandate for government workers. The detailed insights and data that REALTORS® have unique access to will be invaluable in helping buyers fine-tune their strategy for their specific neighbourhood and property type.”

By the Numbers – Prices:
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

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• The overall MLS® HPI composite benchmark price was $643,700 in April 2024, a marginal gain of 1.6% from April 2023.
• The benchmark price for single-family homes was $727,700, up 1.6% on a year-over-year basis in April.
• By comparison, the benchmark price for a townhouse/row unit was $500,800, up slightly at 1% compared to a year earlier.
• The benchmark apartment price was $423,100, up 2.1% from year-ago levels.
• The average price of homes sold in April 2024 was $705,117 increasing 1.2% from April 2023. The more comprehensive year-to-date average price was $675,817, increasing by 2.4% from the first four months of 2023.
• • The dollar volume of all home sales in April 2024 was $1.02 billion, up 10.2% from the same month in 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings

• The number of new listings saw an increase of 40.5% from April 2023. There were 2,597 new residential listings in April 2024. New listings were 19.7% above the five-year average and 4.6% above the 10-year average for the month of April.
• Active residential listings numbered 2,966 units on the market at the end of April 2024, a gain of 36.6% from April 2023. Active listings were 62.6% above the five-year average and 13.7% below the 10-year average for the month of April.
• Months of inventory numbered 2 at the end of April 2024, up only slightly from 1.6 in April 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

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The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 1,165 units in March 2024. This was an increase of 10% from March 2023.

Home sales were 21.5% below the five-year average and 15% below the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 2,678 units over the first three months of the year — an increase of 13.1% from the same period in 2023.

“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.”

By the Numbers – Prices:

The MLS^® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

• The overall MLS® HPI composite benchmark price was $636,700 in March 2024, a gain of 2.7% from March 2023.
• The benchmark price for single-family homes was $719,000, up 2.6% on a year-over-year basis in March.
• By comparison, the benchmark price for a townhouse/row unit was $489,800, up slightly at 0.9% compared to a year earlier.
• The benchmark apartment price was $423,200, up 4.3% from year-ago levels.
• The average price of homes sold in March 2024 was $682,078 increasing 5.1% from March 2023. The more comprehensive year-to-date average price was $659,828, increasing by 3.2% from the first three months of 2023.
• The dollar volume of all home sales in March 2024 was $794.6 million, up 15.6% from the same month in 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings

• The number of new listings saw an increase of 13.5% from March 2023. There were 2,074 new residential listings in March 2024. New listings were 2.3% below the five-year average and 11.1% below the 10-year average for the month of March.
• Active residential listings numbered 2,543 units on the market at the end of March 2024, a gain of 18.3% from March 2023. Active listings were 58.6% above the five-year average and 17.7% below the 10-year average for the month of March. Active listings haven’t been this high in the month of March in more than five years.
• Months of inventory numbered 2.2 at the end of March 2024, up only slight from 2 in March 2023 and below the long-run average of 2.6 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

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