October 2024 brought renewed optimism to Ottawa’s real estate scene, as consumer confidence shows cautious growth, boosted by improved sales activity and another interest rate cut.
Home Sales See Sustained Growth
In October 2024, 1,179 homes were sold through the MLS® System of the Ottawa Real Estate Board (OREB), surpassing the 1,047 units sold in September. While sales remain 3.9% below the five-year average and 0.9% below the 10-year average for October, year-to-date totals paint a brighter picture.
By the end of October 2024, 11,662 homes had been sold, a 9.4% increase compared to the same period in 2023.
“We’re seeing positive movement in Ottawa’s market with sales activity up,” says the president of the Ottawa Real Estate Board . “Sustained activity throughout the year — rather than the usual seasonal fluctuations — suggests growing consumer confidence, aided by the Bank of Canada’s recent interest rate cut. Many buyers, however, are still waiting for further reductions.”
Inventory on the Rise
October brought an uptick in new listings and active inventory:
2,089 new listings were added, a 10.4% increase from October 2023 and 17% above the 10-year average.
Active listings reached 3,354 units, a 8.9% increase year-over-year and 40.6% above the five-year average.
Months of inventory declined to 2.8, compared to 3.8 in October 2023, reflecting a tighter market.
The Bottom Line
With consumer confidence gaining traction and interest rates trending lower, Ottawa’s real estate market appears poised for a strong close to the year. However, challenges persist. Addressing supply shortages and affordability will remain critical to maintaining long-term market stability and meeting the housing needs of Ottawa’s growing population.
Comments