MLS Home Sales in May - Smooth and Cautious for Ottawa real estate market

The numbers are here for how the real estate market performed in May 2024

Ottawa Real estate monthly stats

In May 2024, 1,545 homes were sold through the Ottawa Real Estate Board’s (OREB) MLS® System, marking a 9.2% drop from May 2023.

Compared to the usual numbers, May's home sales were 3.7% lower than the five-year average and 13.2% below the ten-year average.

So far this year, 5,673 homes have been sold, showing a 5.2% rise compared to the same period in 2023.

"Ottawa’s spring market has been steady as expected," says the president of the Ottawa Real Estate Board. "More new listings suggest that sellers are feeling more confident about the market picking up. However, some were likely waiting for the Bank of Canada’s interest rate decision to see how it would impact their buying power. The first rate cut in four years is welcome news, but we still need to manage expectations because of ongoing supply issues and high home prices."

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By the Numbers – Inventory & New Listings

• The number of new listings saw an increase of 26.2% from May 2023. There were 3,034 new residential listings in May 2024. New listings were 23.2% above the five-year average and 10.2% above the 10-year average for the month of May.

• Active residential listings numbered 3,552 units on the market at the end of May 2024, a gain of 59.4% from May 2023. Active listings were 72.2% above the five-year average and 2.9% below the 10-year average for the month of May.

• Months of inventory numbered 2.3 at the end of May 2024, up from 1.3 in May 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

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Thank you for following along the monthly trends. As these numbers are only an average for the whole city, if you would like to know more about your specific area please reach out to me and I will try to get you more information.