March 2024 Real Estate Stats

Here are the March 2024 numbers:

  • Total number of units sold: 1,165 – up 10% March 2023.
  • Five-year average unit sales for March: down 21.5%.
  • Ten-year average unit sales for March: down 15%.

“Ottawa’s real estate market is overall healthy, providing fertile ground for an active spring and summer ahead,” says OREB President Curtis Fillier. “The increases in new and active listings indicate that sellers are feeling more confident, boosted by the rise in showing activity. Buyers, however, aren’t acting as quickly as they perhaps should be — likely because affordability and supply are still roadblocks.”

“Something is around the corner in this market, though,” says Fillier. “People have adjusted to post-pandemic life and that means revisiting their housing needs. Some are downsizing or moving in from the city’s outskirts. Others are looking at more suitable properties that better meet all their needs, which weren’t accessible to them in the peak pandemic market. That’s creating pressure from multiple angles on the mid-range property market, which we know is tight to begin with in Ottawa. Just because you’re in the real estate market, doesn’t mean you’re safe from the market. If you’re a buyer or seller looking to make a move, I wouldn’t wait too long.”

Here are the March 2024 sales numbers:

  • Average sale price of homes sold: $682,078 – up 5.1% in March 2023.
  • Benchmark single-family homes price: $719,000 – up 2.6% in March 2023
  • Benchmark townhouse/row unit price: $489,800 – down 0.9% in March 2023.
  • Benchmark apartment price: $423,200 – up 4.3% in March 2023.