Oct 2024 Market Update: Consumer Confidence is Growing in Ottawa’s Housing Market

In Ottawa, more people are starting to feel confident about buying and selling homes. In October 2024, 1,179 homes were sold in Ottawa, up from last month. Although this is slightly below average compared to the last 5-10 years, it’s still a positive sign that people are getting back into the market.

Why People Feel More Confident

Many feel hopeful because the Bank of Canada recently lowered interest rates. Lower rates make it easier for people to afford mortgages, which can increase interest in buying homes. People may be waiting to see if rates drop even more, which could make buying a home more affordable.

Ottawa’s Housing Prices

• Single-Family Homes: The average price is about $724,500, up a bit from last year.
• Townhouses: These are around $506,900, showing a small increase.
• Apartments: Prices are about $407,500, which is a bit lower than last year.

Overall, the average price for homes sold in Ottawa was about $668,690, which is 1.2% higher than in October 2023.

More Homes for Sale

October saw a rise in new listings, meaning more homes were put up for sale. There were 2,089 new listings, a 10.4% increase from last year. This rise in inventory helps balance the market, giving buyers more options to choose from.

Supply Challenges

While more homes are listed, Ottawa still faces a supply shortage. The real estate board notes that the city needs more homes, especially affordable ones, to keep up with demand. They’re encouraging the use of new building methods, like prefabricated homes, and pushing for policies that help build affordable housing.

In summary, Ottawa’s real estate market is gradually improving, with more homes for sale and slight increases in home prices. Lower interest rates are helping to boost buyer confidence, though more affordable homes are still needed to balance the market.

All info, stats and graphics provided by the Ottawa Real Estate Board