February 2024 Real Estate Stats

Here are the February 2024 numbers:

  • Total number of units sold: 886 – up 15.2% February 2023.
  • Five-year average unit sales for February: down 13.8%.
  • Ten-year average unit sales for February: down 5.7%.

“Even with higher prices and the interest rate holding steady, Ottawa is a strong, active market,” says OREB President Curtis Fillier. “With metrics across the board up from last year, it’s clear both buyers and sellers are making moves. The metrics, however, don’t tell us about all the people relegated to the sidelines because affordability remains out of reach for many.”

Here are the February 2024 sales numbers:

  • Average sale price of homes sold: $651,340 – up 2% in February 2023.
  • Benchmark single-family homes price: $708,500 – up 3.1% in February 2023
  • Benchmark townhouse/row unit price: $495,000 – down 0.6% in February 2023.
  • Benchmark apartment price: $417,00 – up 2.7% in February 2023.

“REALTORS® know firsthand there is persistent demand for housing in Ottawa, and our market’s activity is constrained by a lack of affordable and suitable supply,” says Fillier. “That’s why we’re currently advocating for impactful measures such as allowing four residential units on property lots and getting rid of exclusionary zoning. There’s a missing middle that we need to build up.”