August 2024 Ottawa Real Estate: Summer Market Surge Persists
The Ottawa real estate market has been heating up all summer, and it shows no signs of cooling down as we head into fall. With 1,100 homes sold in August 2024—a solid 10.2% increase from the same time last year—buyers and sellers alike are seeing more activity across the city. However, it’s important to note that even with this boost, sales were still 11.4% below the five-year average and 14.1% below the 10-year average for the month. Year-to-date, the numbers are up by 6.0% compared to 2023, with 9,444 units sold overall, suggesting that the Ottawa market remains resilient.
Buyers Playing it Cautious
Ottawa’s housing market, known for its seasonal ebb and flow, has maintained a steady pace throughout the summer, which is great news for those gearing up to buy or sell this fall. With a third consecutive interest rate drop from the Bank of Canada, the stage is set for even more action in the months ahead. While affordability continues to be a concern for many buyers, a steady stream of new listings has given them the opportunity to take their time, carefully weighing options rather than rushing into purchases.
For sellers, this means patience is key. As more homes hit the market and prices hold steady, working with an experienced REALTOR® is essential. Accurate pricing, based on the latest neighbourhood-level data, and a smart selling strategy will be the tools to ensure a successful transaction.
By the Numbers: Prices
When it comes to price trends, the MLS® Home Price Index (HPI) offers a more accurate reflection of the market than average or median prices. Here’s how things shaped up in August 2024:
- Overall MLS® HPI Composite Benchmark Price: $646,000 (down 0.3% from August 2023)
- Single-Family Homes: $732,500 (down 0.3% year-over-year)
- Townhouse/Row Units: $502,200 (up 0.3% year-over-year)
- Apartments: $416,800 (down 1.2% year-over-year)
- Average Price of Homes Sold: $660,341 (up 0.3% from August 2023)
The total dollar volume of home sales reached $726.3 million, a 10.5% increase compared to August 2023. It’s important to remember that average sale prices provide an overview of trends, but the specifics will vary depending on your neighbourhood.
Inventory and New Listings
New listings for August 2024 were virtually unchanged from last year, with 1,907 residential properties hitting the market, only 0.2% higher than in August 2023. However, the total number of active listings increased significantly, with 3,324 properties available by the end of the month—an impressive 25.8% jump from last year. This increase brought the number of active listings 46.5% above the five-year average, although still slightly below the 10-year average.
The months of inventory—an important measure of how long it would take to sell all available homes at the current rate of sales—rose to 3.0 months, up from 2.6 in August 2023. This gives buyers more choices and a bit more breathing room, while still maintaining a fairly balanced market.
What’s Next?
With steady buyer activity, more new listings, and favourable interest rates, Ottawa’s real estate market is set to carry its summer momentum into the fall. Whether you’re buying your first home, upsizing, or thinking about selling, now’s the time to act. And with affordability still top of mind, working closely with a REALTOR® to navigate the latest data and trends will ensure you’re well-positioned to make smart decisions.
If you’re curious about what these market trends mean for you or are ready to jump into the market, let’s chat! Our team is here to guide you every step of the way.
