The Ottawa Real Estate Board (OREB) reported that 1,100 homes were sold through the MLS® System in August 2024, marking a 10.2% increase compared to August 2023.
While sales have grown, they remain 11.4% below the five-year average and 14.1% below the 10-year average for August, reflecting a slower long-term trend.
Year-to-date, Ottawa home sales reached 9,444 units, a 6.0% increase from the same period in 2023, signaling a positive momentum in the market.
Ottawa Real Estate Prices: August 2024
The MLS® Home Price Index (HPI) provides a more accurate measure of price trends than average or median prices. In August 2024, the overall MLS® HPI composite benchmark price was $646,000, showing a 0.3% decrease from August 2023.
- Single-family homes: Benchmark price at $732,500, down 0.3% year-over-year.
- Townhouses/row units: Benchmark price at $502,200, up 0.3% compared to August 2023.
- Apartments: Benchmark price at $416,800, a 1.2% decrease from a year ago.
The average price of homes sold in August 2024 was $660,341, representing a 0.3% increase from August 2023. The year-to-date average price stood at $678,327, up 0.9% compared to the same period in 2023.
In total, the dollar volume of all homes sold in August 2024 amounted to $726.3 million, reflecting a 10.5% increaseover August 2023.
OREB advises that while the average sale price is useful for tracking trends, it may not reflect specific property value changes, as prices vary across different neighborhoods.
Ottawa Housing Inventory & New Listings: August 2024
- New residential listings in August 2024 saw a slight increase of 0.2% from August 2023, totaling 1,907 listings. This figure is 0.2% higher than the five-year average and 0.9% above the 10-year average for the month of August.
- Active residential listings reached 3,324 units at the end of August 2024, a significant 25.8% increase from August 2023. Active listings were also 46.5% above the five-year average, but 1.3% below the 10-year average for this month.
- The months of inventory rose to 3.0 months by the end of August 2024, compared to 2.6 months in August 2023. This metric represents how long it would take to sell all active listings at the current sales pace.
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