Ottawa home sales dipped last month as prices continued to increase, according to the Ottawa Real Estate Board.
In November, 1,059 homes were sold, down from 1,179 sold in October.
Year-to-date, home sales totalled 12,882 in November 2024, up 11.8 per cent from the same period last year.
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Curtis Fillier, former president of OREB, said in a new release that Ottawa’s housing market is starting to gain steam after a slow year in 2023.
“Buyers have been slow to come back to the market while watching the interest rates lower, and some are waiting to see how new mortgage rules — the extended amortization period and the increased default insurance cap — coming into effect in December may redefine their purchasing power. Sellers have noticed that caution and those who can are likely holding on for a more active spring.”
Fillier said home sales will see a typical slowdown at the end of the year as people shift their focus to the holidays. Snow covering some of a home’s selling features also contributes to a slower market at this time of year, Fillier said.
“With prices holding steady and open houses getting traffic, though, people are keeping a close eye on opportunities,” he said in the release.
The average price for homes sold last month was $667,098, up 4.6 per cent from November 2023. So far this year, home prices have averaged at $679,797, increasing 1.2 per cent from last November.
The benchmark price for a single-family home rose last month to $722,400, up 2.1 per cent on a year-over-year basis in November. The benchmark price for townhouses and row units saw a slower increase of 0.3 per cent from last year to $491,550.
Meanwhile, apartment prices dipped at $406,200, down 3.7 per cent from last year.
There were fewer new listings in November 2024 than a year ago, with a 7.3 per cent decrease for 1,352 listings. Active listings on the market at the end of last month totalled 4,036 units, an increase of 38.2 per cent from a year ago.
