August 2024 Ottawa Real Estate Market Update

Sep 4

Insights provided by Charlene Weber, New Purveyors at RE/MAX Hallmark

In this August 2024 market update, we sat down with Charlene Weber from New Purveyors at RE/MAX Hallmark to gain some insights into Ottawa’s real estate trends. With her expertise, we’ve broken down the current year-to-date statistics to give you a clearer picture of what’s happening in the market and what that means for buyers and sellers alike.

Year-to-Date Residential Sales

As of August, Ottawa’s total residential sales reached 9,444, reflecting a 6.0% increase compared to last year. The average sales price is now $678,327, up by 0.9%. The months of inventory have risen slightly to 2.5, compared to 2.0 last year.

Charlene pointed out that while inventory is still relatively low, buyers now have more choices than they did a year ago. However, with the Bank of Canada hinting at continued rate drops, this “extra” inventory may be short-lived. More buyers may enter the market soon, leading to increased demand. "As a buyer, now might be the time to get a deal in before competition picks up," Charlene highlighted.

Year-to-Date Single-Family Sales

Single-family home sales have seen a healthy boost, with 4,949 total sales so far this year, up 8.7% from 2023. The average sales price for a single-family home is $826,491, a slight decrease of 0.2% from last year.

Months of inventory for single-family homes have also risen to 2.8, compared to 2.3 last year. "This isn’t all that surprising," Charlene explains, "as single-family homes usually attract a smaller pool of buyers, meaning more inventory is available." She notes that this could present some great buying opportunities for those looking to enter this market.

Year-to-Date Townhome Sales

Townhomes continue to be a popular option, especially for first-time home buyers and investors. There have been 3,050 townhome sales year-to-date, up 5.5% from last year, with the average sales price standing at $549,852—virtually unchanged from 2023, down just 0.1%.

Inventory for townhomes sits at 1.8 months, slightly up from 1.4 last year. "The townhome market is continuing to see increased demand," Charlene observes. "At the beginning of the year, we started with 2.2 months of inventory, but as affordability improves, townhomes have become a go-to for many buyers."

Year-to-Date Condo Sales

In the condo market, sales have dipped slightly by 0.9%, with 1,407 total sales this year. Despite that, the average sales price has risen 2.3%, reaching $447,042.

Months of inventory for condos are at 3.1, up from 2.3 last year. "This shift makes sense when you consider that townhomes have become more popular with buyers," Charlene explains. "Condo owners looking to sell should be prepared for a longer timeline, but prices remain strong, so patience is key."

As we move forward, these trends highlight the opportunities in Ottawa’s real estate market. Whether you’re a buyer looking to take advantage of the current conditions or a seller adjusting to the evolving market, staying informed is crucial. Keep an eye on these market movements, as interest rates and inventory levels continue to shift.