Ottawa’s March 2024 resale market showed continuing signs of renewal after a prolonged drought, with growth in sales, listings and prices. However, some numbers are still lagging long-term averages, according to the Ottawa Real Estate Board.
Realtors sold 1,165 units through the board’s Multiple Listing Service (MLS) System last month. That’s up 10 per cent from the same month last year and means year-to-date sales are 13.1 per cent higher than 2023. At the same time, sales are 15 per cent lower than the 10-year average.
There were 2,543 active residential listings last month, the highest they’ve been in March for more than five years. The number of new listings also grew, but not enough to restore supply to full health: the number of new listings was 11.1 per cent lower than the 10-year average.
“The increases in new and active listings indicate that sellers are feeling more confident, boosted by the rise in showing activity,” said board president Curtis Fillier in a statement. “Buyers, however, aren’t acting as quickly as they perhaps should be — likely because affordability and supply are still roadblocks.”
Prices grow modestly
The benchmark price for single-family homes last month was $719,000, up 2.6 per cent on a year-over-year basis.
Townhouse and row units were $489,800, an increase of less than one per cent.
Condo apartments showed the most growth, with a benchmark price of $423,200, up 4.3 per cent from last year.
The average price, which is measured differently from the benchmark price, for all homes was $682,078, up 5.1% from a year ago.
If the wild price increases seen during the height of the pandemic are a thing of the past, at least for the moment, so is the frantic bid to get into the housing market that we saw when COVID-19 was raging.
In the first quarter of this year, there was scant overbidding on homes, according to real estate data firm Wahi.
While a handful of neighbourhoods saw homes sold for more than their listing price — in South Keys/Heron Gate/Greenboro West, for example, the median selling price was $8,001 over asking — other areas saw homes selling for less than the asking price — in Old Ottawa South, for instance, the median selling price was almost $60,000 less than asking.
A new forecast from Canada Mortgage and Housing Corporation predicts a continuing modest growth in resale prices in Ottawa over the next three years thanks to an anticipated decline in borrowing costs.
Editor’s note: This story has been updated to include the average price of all homes in March.
