With interest rates down again and consumer confidence growing, the October 2024 resale market continued the slow but mostly steady uptick that began at the beginning of the year, according to the Ottawa Real Estate Board (OREB).
Realtors sold 1,179 homes last month through the board’s Multiple Listing Service (MLS) system, a 45.9 per cent increase from the 816 homes sold in October 2023. Last month’s sales were within striking distance of both the five- and 10-year averages for the month, down 3.9 per cent from the five-year mark and less than one per cent from the 10-year average.
Single-family and townhome/row units made up the bulk of sales and the largest year-over-year increases in transactions, at 52.4 and 42.8 per cent respectively. Condo sales grew a more modest 20.2 per cent in October compared to the same month a year ago.
Last month’s results also bring the total sales transactions so far this year to 11,662, an increase of more than nine per cent compared to the same period last year.
“We’re seeing positive movement in Ottawa’s market with sales activity up,” said OREB president Curtis Fillier in a statement.
“This is especially interesting because there has been sustained activity throughout the year instead of the typical seasonal spikes and lulls. Consumer confidence is getting stronger, boosted by another consecutive Bank of Canada interest rate cut — though many are waiting for additional rate drops.”
Prices fluctuate, listings robust
The benchmark price for a single-family resale home in October was $724,500, up 0.7 per cent on a year-over-year basis. Townhouse/row units averaged $506,900, an increase of 1.6 per cent from last year, whereas the benchmark apartment price was $407,500, down 3.4 per cent from a year ago.
Listings continued to grow as they have through much of 2024. There were 2,089 new listings last month, a jump of more than 10 per cent from the same month last year.
However, months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — was down: 2.8 months compared to 3.8 in the same month last year.
“The challenge remains supply,” said Fillier. “We know from experience that Ottawa’s inventory leans tight and can swing quickly from balanced territory to a seller’s market — which can compound affordability and accessibility challenges.”
