A substantial jump in the November 2024 resale market suggests buyers are continuing to return after the slump that defined the market in 2023.
According to a report from the Ottawa Real Estate Board, Realtors sold 1,059 homes last month through the board’s Multiple Listing Service (MLS). While that was down marginally from October’s 1,179 sales, it was 45 per cent higher than November of last year. It was also within a hair’s breadth of the 10-year average for the month — a bare 0.5 per cent below the average.
On a year-to-date basis, home sales have totaled 12,882 so far — an increase of 11.8 per cent from the same period in 2023.
“Ottawa’s market is making headway on a long road back from the slowdown experienced in 2023,” said board past-president Curtis Fillier in a statement.
“There will be the typical slowdown at this time of the year as people’s attentions turn to the holidays and the snow starts to cover a property’s selling features … Buyers have been slow to come back to the market while watching the interest rates lower, and some are waiting to see how new mortgage rules — the extended amortization period and the increased default insurance cap — coming into effect in December may redefine their purchasing power. Sellers have noticed that caution and those who can are likely holding on for a more active spring.”
Singles out in front again
As they do virtually every month, single-family homes led the November 2024 resale market. Realtors sold 549 single-family homes — almost 52 per cent of total transactions.
Townhomes were the second-best seller, totaling 327 sales. That number was up more than 70 per cent compared to the same month last year, reflecting the attractiveness of townhomes’ relative affordability in a still-expensive marketplace.
Only 168 condos were sold last month, 19 per cent more than last year but a relatively modest increase compared to singles and townhomes.
Prices, listings & inventory fluctuate slightly
The benchmark price for a single-family resale home in November was $722,400, down about $2,000 from October but still up two per cent compared to last November.
The benchmark price for a townhouse/row unit was $491,500, while condos sold for $406,200. Townhome/row prices were close to those of a year ago, while condos were down 3.7 per cent.
There were 1,352 new residential listings last month, down 7.3 per cent from a year ago.
Months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — was 3.8 months in November compared to four months one year ago.
