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Writer's pictureThomas Desjardins

June 2024 | Ottawa Real Estate Market Update

Updated: Jul 16



June 2024 Market Summary


  • Sales volume fell month-over-month through June, trailing year-over-year figures and the 5-year average for June.

  • Median prices were relatively stable month-over-month and year-over-year

  • Total active listings fell slightly since last month, though summer inventory numbers remain higher than they have been since 2018.

  • There was less buyer traffic than usual in June, while the number of listings continued to rise, resulting in a modest increase in the number of Months of Inventory available in the market.


Number of Home Sales

Total last month

vs Previous Month

vs Same Month Last Year

​vs 5-Year Average**

​Residential

1,605

-8.7%

-3.3%

-14.5%

​Freehold

1,249

-6.2%

+1.4%

-13.3%

Condo

356

-16.2%

-16.0%

-18.5%

* Residential sales include all residential properties; freehold includes detached singles, townhouses, and semi-detached homes; and condos include apartments, row units, and stacked-style dwellings.

** Based on the 5-year average for the month covered in this report.


Last month, Ottawa real estate board members sold 1,605 properties, which was an 8.7% decrease compared to June of the previous year. This was a sluggish month compared to the 5-year average and also trailed the 10-year average by roughly 260 sales. While many hoped a rate decrease in June would bring the market to life, it appears it will take more than a modest 25-basis point reduction to encourage buyers to re-enter the market.


The graph below shows monthly sales volume data grouped by month since 2018.



Median Sale Prices

Median Last Month

vs Previous Month

vs Same Month Last Year

vs 5-Year Average

Residential

$635,000

-0.3%

+1.6%

+14.2%

Freehold

$681,000

-1.3%

+0.8%

+12.9%

Condo

$401,500

-4.4%

-4.4%

+7.8%

The median sale price of a home in Ottawa was more or less stable between May and June and remained higher than the 5-year average by 14.2%. As we saw in 2023, lower trade volume doesn't necessarily result in lower prices. The median sale price of a house in Ottawa has been consistent despite the slower-than-seasonal sales volume. Still, with significantly more homes available for sale this year compared to 2023, we might see that change if the fall season doesn't bring a more active housing market.


The following graph shows monthly average sale price data since 2018.



Active Listings by Month


At the end of May, 4,471 homes were available for sale in Ottawa, which was a 47-unit decrease from the previous month. This represents a 1% decrease from last month and a 43% increase over May 2023. Inventory levels have continued to climb over the last two years, meaning buyers can choose from plenty of options. This underscores the need to differentiate your home from the competition when looking to sell.


The chart below shows the active listing data for the last five years.



Cumulative Days on Market (Median)


Cumulative days on the market ("CDOM") refers to the days a home is available for sale before it is sold firm. CDOM differs from "days on the market" (DOM) because it includes the period when a property is conditionally sold and/or the length of time that a property is available before being cancelled and re-listed.


Last month, a home took a median of 25 days to sell, five days longer than last month's figure. Freeholds sold quicker at 24 days, while condos sold slower with a median of 28 days.


Median CDOM data since 2018 can be found in the table below.



Months of Inventory


The months of inventory measure ("MOI") is calculated by taking the number of homes available for sale and assessing how long it would take for those to sell if demand remained constant and no new inventory was added to the market. This measure is a core indicator that helps assess whether we are in a buyer's, seller's, or balanced market.


In May, Ottawa had 2.8 months of inventory, a marginal increase from last month, when we had roughly 2.6 months available.


MOI data for residential properties, freeholds, and condos can be found in the chart below.




The historical average price of a home in Ottawa since 1956 can be found in the chart below.



What This Means for You


It is critical to note that broad aggregate data is useful to establish trends, but significant variability exists at a community and housing-type level. If you are interested in getting a more refined estimate of the value of your home, or if you are interested in beginning your house hunt, we would love to help!


Give us a call at 613-614-2999 for your no-obligation consultation.


* Real estate market data is taken from the Ottawa Real Estate Board's Multiple Listing Service (MLS) and is believed to be accurate but is not warranted.



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