September 2024 Market Stats
Ottawa Real Estate Market Report - September 2024
In September 2024, the Ottawa real estate market displayed a mix of stability and gradual shifts, continuing the trends observed in previous months. The overall market remains balanced, yet competitive in particular central locations for specific property types.
Market Overview
Average Home Prices: The average selling price for a freehold home in the city is now around $733,000, which is just a $10,000 increase from the same time last year.
Sales Activity: The total number of freehold homes sold in September is 939. This is a significant drop from August, yet is in line with the averages seen in 2022 and 2023 for the same time. However, the pace of sales remained robust, indicating a steady interest from buyers, particularly first-time home buyers.
Condominiums: The condominium market has not shown a lot of changes in the last couple of years, both for volume of sales and prices. Last month, there were 264 condos sold, with average prices hitting around $428,000.
Luxury Properties: The luxury home market, defined as properties priced over $1 million, remains strong. There was a reported increase of 10% in sales for this segment compared to September 2023, showcasing a growing interest from affluent buyers.
Inventory Levels
The overall inventory of homes for sale has steadily been increasing for the past 5 months. It now sits at around 3.8 months, still slightly below the balanced market threshold of 4 to 6 months but well on its way to that level.
Market Insights
Interest Rates: As the mortgage rates continue to decrease and new mortgage rules coming into effect to assist with affordability for first-time home buyers and pre-construction buyers, we should start seeing higher sales volume, specifically in the entry-point price bracket.
Buyer Sentiment: Despite the desreasing interest rates, buyer sentiment remains cautious. However, October may bring a influx in activity, given the relaxed mortgage rules that we announced in mid September.
Conclusion
Overall, the Ottawa real estate market in September, 2024 demonstrates resilience amidst economic challenges. The continuous demand with comfortable inventory levels is creating a balanced market. Buyers and sellers alike should remain informed and prepared as they navigate this evolving landscape.
