Ottawa Real Estate Market Update | Q2 2024

The freehold sector has shown commendable resilience and growth over the past quarter. With a  increase in transactions, reaching 4,016 properties exchanged, the average sale price descended to $752,212. Year-to-Date this brings the average freehold sale price up by 1.1%. This steady climb underscores a robust market conducive to both selling for profit and buying with the anticipation of value appreciation. A notable 30.6% decrease in the average days on market to 44 days illustrates a quicker turnaround for sales, benefiting sellers with timely transactions.

The Rise of Condominiums

The condominium market has been particularly vibrant, witnessing a 63% surge in sales with 1,197 units sold. The appreciation in average sale price by 3.18% to $439,709 signifies the growing appeal of condos as a practical choice for those seeking a blend of affordability and convenience. The reduced time on market to 44 days, down from 60, reflects a faster-moving segment, appealing to both investors and first-time homebuyers.

Segment-Specific Observations

The Diversity of Residential Offerings:

• Townhomes: A healthy 62.87% increase in sales indicates a steady demand, with prices maintaining their ground, showcasing the segment’s resilience.
• Semi-Detached Homes: Marked by a 65.28% rise in sales and a swift 37% reduction in time to sell, signalling an accelerating interest among buyers.
• Detached Homes: Demonstrating robust growth with a 76.59% jump in sales and a 5.90% uplift in prices, detached homes continue to be highly sought after.

Condo Market Dynamics:

• Apartments: Sales and prices rose by 47.78% and 5.96% respectively, highlighting a shift towards apartment living for its convenience and location advantages.
• Condo Townhomes: With sales leaping by 76.19%, this segment outpaces others in growth, reflecting heightened buyer interest.
• Stacked Condos: Despite a slight sales dip, faster selling times and stable prices suggest a market finding its equilibrium.

Forward-Looking Insights

As we analyze the undercurrents of Ottawa’s real estate market, several predictions for the coming periods emerge:

• Construction Trends: An expected increase in housing starts, especially in multi-unit dwellings, fuelled by favorable financing and policy support.
• Moderate Price Growth: Anticipated mild price increases across the board, driven by easing mortgage rates, enhancing buyer activity.
• Rental Market: With a slight uptick in vacancy rates balanced by strong rental demand, rents are poised to rise, reflecting a competitive landscape.

Embracing the Future

The Ottawa real estate market offers a mix of opportunities and challenges in 2024. Sellers, especially in the detached and condo townhome sectors, can take advantage of favorable property values. Buyers can also find attractive options, particularly in the condominium market.

Successfully navigating this market requires a deep understanding of its dynamics. For personalized guidance tailored to your needs, consider seeking a detailed consultation.

As we enter the summer market, stay informed and ready for the changing real estate scene. Here’s to a prosperous 2024 in Ottawa’s dynamic real estate market.