The numbers are here for how the real estate market performed in August 2024
Ottawa Real estate market monthly stats
The Ottawa real estate market continues to show resilience and subtle shifts as we move through 2024. In August, 1,100 homes were sold through the MLS® System of the Ottawa Real Estate Board (OREB), marking a notable 10.2% increase compared to August 2023. While encouraging, it's important to remember that these sales were still 11.4% below the five-year average and 14.1% below the 10-year average for this time of year, showing a tempered pace.
“Being a seasonal market, it’s very encouraging to see sustained levels of activity throughout the whole summer,” says OREB President. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.”
Home Sales on the Rise Year-to-Date Looking at the bigger picture, home sales for the year totaled 9,444 units by the end of August, reflecting a solid 6.0% increase compared to the same period in 2023. This upward momentum suggests that despite some fluctuations, the Ottawa housing market remains attractive to buyers and sellers alike.
By the Numbers: Home Prices Let’s dive into the numbers that matter most for homeowners. The MLS® Home Price Index (HPI), known for offering a more precise reading of price trends than traditional average or median measures, shows that the overall composite benchmark price for Ottawa homes was $646,000 in August. This is a slight dip of 0.3% from the same time last year, signaling stability in the market.
For single-family homes, the benchmark price stood at $732,500, also down 0.3% year-over-year. In contrast, townhouses and row units saw a modest increase, with the benchmark price rising by 0.3% to $502,200. Condos, on the other hand, experienced a 1.2% decline, with a benchmark price of $416,800.
When it comes to the average price of homes sold in August 2024, we saw a slight uptick, coming in at $660,341—up 0.3% from last year. On a year-to-date basis, the average home price was $678,327, marking a 0.9% increase over 2023.
Sales Volume Sees Strong Growth A key takeaway from August’s market performance is the impressive growth in sales volume. The total dollar value of all home sales reached $726.3 million, up 10.5% from August 2023—a clear indicator of the sustained demand in Ottawa’s housing market.
For homeowners, these trends reflect a balanced market where opportunities still exist, whether you're considering selling or simply keeping an eye on your investment's value. Keep watching as we move into the fall season for further insights into the Ottawa real estate landscape.
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