The August 2024 resale market showed healthy growth in Ottawa, continuing the year’s mostly upward trajectory after the prolonged downturn that started in early 2022.
Realtors with the Ottawa Real Estate Board sold 1,100 homes in August through the board’s Multiple Listing Service (MLS). That was a jump of 10.2 per cent compared to the same month a year ago.
Sales for August are still below the five-year and 10-year averages by more than 11 per cent and 14 per cent respectively, according to the board.
Courtesy Ottawa Real Estate Board
Year-to-date, Realtors with the board have sold almost 9,500 homes, a six per cent increase compared to the same period last year.
“Being a seasonal market, it’s very encouraging to see sustained levels of activity throughout the whole summer,” said board president-elect, Paul Czan, in a statement. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.”
MORE: July 2024 resale market continues Ottawa’s seesaw
Prices & new listings see minor changes
The benchmark price for single-family homes last month was $732,500, down 0.3 per cent from last year. Townhouse/row units sold for $502,200, up 0.3 per cent compared to 2023. The benchmark apartment price was $416,800, down 1.2 per cent from year-ago levels.
There were 1,907 new listings last month. That’s up slightly from last year and marginally higher than both the five- and ten-year averages.
Active residential listings numbered 3,324 units at the end of August 2024, a gain of almost 26 per cent from the same month last year and a sign of how much more active sellers have become.
There were three months of inventory at the end of August, up from 2.6 in August 2023. The inventory level is the number of months it would take to sell current inventories at the current rate of sales activity.
