Ottawa Real Estate Market Update – August 2024

As we transition into fall, the Ottawa real estate market continues to show promising signs of growth and stability. August 2024 marked a vibrant month for home sales, with a total of 1,100 properties sold through the MLS® System of the Ottawa Real Estate Board (OREB). This figure represents a 10% increase from August 2023, indicating a positive trend despite a broader context of fluctuating economic conditions​(

Home Prices and Market Dynamics

The average price of residential homes sold in August was $646,000, which is a slight decrease of 0.3% from the same period last year​  This stability in pricing, coupled with an increase in sales activity, reflects a healthy market balance. The Sales-to-New-Listings Ratio (SNLR) stood at 58%, suggesting a balanced market where neither buyers nor sellers hold overwhelming leverage​.

The number of new residential listings reached 1,907, a minor increase of 0.2% compared to last year, yet a drop of 14.5% from the previous month. This trend indicates that while new listings are consistent, there may be seasonal adjustments influencing supply​ . Interestingly, the total number of active listings rose significantly, hitting 3,324 units, up 25.8% from August 2023. This increase in inventory could provide more options for buyers, contributing to the overall stability of home prices​(

Looking Ahead

The recent cuts in interest rates by the Bank of Canada are expected to bolster buyer activity as we move into the fall. Many industry experts anticipate that this could lead to a more heated market as potential homeowners look to take advantage of favorable financing conditions.

Despite a cautious approach among buyers—reflecting the importance of finding the right property at the right price—Ottawa’s market demonstrates resilience. Sellers are encouraged to be strategic and patient, leveraging the insights of experienced realtors to navigate the current landscape effectively​

As we prepare for the upcoming months, staying informed about market trends will be crucial. If you have any questions or need assistance navigating the Ottawa real estate market, feel free to reach out!

For more details, you can explore the full statistics on the OREB website