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  • Writer's pictureThomas Desjardins

March 2024 | Ottawa Real Estate Market Update



February 2024 Market Summary


  • Sales accelerated significantly through March as more buyers resumed their home searches leading into spring

  • Median prices rose modestly month-over-month, and year-over-year

  • Total active listings increased significantly last month providing more options for buyers

  • A significant increase in buyer activity in March resulted in homes selling much more quickly on average, while the supply and demand balance shifted further in favour of sellers


Number of Home Sales

Total last month

vs Previous Month

vs Same Month Last Year

​vs 5-Year Average**

​Residential

1,316

+30.4%

+9.1%

-23.0%

​Freehold

995

+30.6%

+10.7%

-22.5%

Condo

321

+30.0%

+5.6%

-24.4%

* 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.


The Ottawa real estate board members sold 1,316 properties last month, 9.1% more than in February last year. This comes after the Ottawa Market posted a 19.3% year-over-year increase in sales in January. Sales volume remains significantly higher than the 5-9% increase in sales that economists projected for the Canadian market in 2024.


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

$624,000

+4.0%

+4.0%

+10.6%

Freehold

$656,950

+1.2%

+2.3%

+7.5%

Condo

$395,000

+1.3%

+1.8%

+6.4%

The median sale price of a home in Ottawa rose by 4% between February and March and remained higher than the 5-year average by 10.6%.


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



Active Listings by Month


At the end of January, 3,204 homes were available for sale in Ottawa, representing a 376-unit increase from the previous month. This represents a 13% increase over last month and a 16% increase over February last year. As we approach the spring market, we should see more homes listed for sale.


The chart below shows the active listing data for the last 5 years.



Cumulative Days on Market (Median)


Cumulative days on market ("CDOM") refers to the number of days a home is available for sale before it is sold firm. CDOM differs from "days on 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 20 days to sell. This represents a decrease of 28% from February when homes sold in 65 days. A steep CDOM drop in March is expected given that February is one of the slowest months for real estate sales.


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 March, there were 2.4 months of inventory in Ottawa, down from last month when we had roughly 2.8 months of inventory available. At this point, buyers are re-entering the market faster than new inventory is being absorbed shifting the balance further in favour of sellers.


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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