Here are the May 2024 numbers:
- Total number of units sold: 1,545 – down 9.2% May 2023.
- Five-year average unit sales for May: down 3.7%.
- Ten-year average unit sales for May: down 13.2%.
“Ottawa’s early spring market was unsurprisingly steady,” says OREB President Curtis Fillier. “The increase in new listings indicate that sellers are more confident that properties are moving as more activity returns to the market. Some sellers, however, were likely waiting for the Bank of Canada’s interest rate announcement to see if it would affect their purchasing power. The first interest rate cut in four years is good news, but expectations still need to be managed as long as supply issues and high home prices persist.”
“Interest rate cuts, for example, can’t help get more homes built and make them affordable when the City of Ottawa is hiking development fees — a counterproductive move that OREB is firmly against.”
Here are the May 2024 sales numbers:
- Average sale price of homes sold: $690,683 – up 0.8% in May 2023.
- Benchmark single-family homes price: $736,000 – up 1.1% in May 2023
- Benchmark townhouse/row unit price: $517,500 – up 2.1% in May 2023.
- Benchmark apartment price: $425,000 – up 2% in May 2023.