Sales steady despite lull season coming: Ottawa Real Estate Board

October home sales were higher than in September and continue to slowly tick upward, according to the latest numbers from the Ottawa Real Estate Board (OREB).

The report notes that 1,179 units were sold last month an increase over the 1,047 sold in September. However, it seems there is “cautious confidence” for consumers in the market.

Home sales were 3.9 per cent under the five-year average, and 0.9 per cent below the 10-year average. Although long term sales are down, the Ottawa housing market saw a 9.4 per cent increase in sales in October 2024 compared to a year prior.

“We’re seeing positive movement in Ottawa’s market with sales activity up,” Curtis Fillier, OREB president, said. “This is especially interesting because there has been sustained activity throughout the year instead of the typical seasonal spikes and lulls.”

The number of new listings in the city, rose 10.4 per cent from October 2023 numbers resulting in 2,089 new listings. This is 6.7 per cent above the five-year average and 17 per cent above the 10-year average.

Fillier notes that confidence is getting stronger due to another Bank of Canada interest rate cut, although he said “many are waiting for additional rate drops.”

“The challenge remains supply,” Fillier explained. “We know from experience that Ottawa’s inventory leans tight and can swing quickly from balanced territory to a seller’s market — which can compound affordability and accessibility challenges.”

How much do homes cost in Ottawa?

According to OREB, in October average home prices were up across two housing types.

• The benchmark price for single-family homes was $724,500 — up 0.7 per year-over-year
• By comparison, the benchmark price for a townhouse/row unit was $506,900 — up 1.6 per cent year-over-year
• The benchmark apartment price was $407,500 —  down 3.4 per cent from 2023

The average price of a home sold in October in the nation’s capital was $668,690 — an increase of 1.2 per cent from October 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value.