OREB said 1,306 housing units were sold last month, down 11.2 per cent from April 2024 but an 18.4 per cent increase over the 1,103 homes that changed hands in March.
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Fewer homes changed hands in the capital last month than in the same period a year earlier, but the Ottawa Real Estate Board says it’s seeing signs of “growing momentum” in the resale housing market as sales rose nearly 20 per cent in April compared with the previous month.
OREB said 1,306 housing units were sold last month, down 11.2 per cent from April 2024 but an 18.4 per cent increase over the 1,103 homes that changed hands in March.
“While April sales were down year-over-year, we saw a healthy month-over-month increase – an encouraging sign of growing momentum as we move through the spring market,” OREB president Paul Czan said in a news release.
The number of new listings in April was down 3.8 per cent from a year ago to 2,589, but the overall supply continues to grow. OREB said there were 4,878 active residential listings at the end of last month – a 54.2 per cent jump from April 2024.
“Inventory remains at higher levels compared to previous years, indicating a gradual move towards a balanced market,” Czan said.
The overall composite benchmark price of a home in Ottawa was $631,200 last month, a 1.1 per cent increase over the previous April. The benchmark price for single-family homes was $703,200, up one per cent year-over-year, while the benchmark price for a townhouse/row unit was $440,000, a 4.4 per cent increase from a year earlier.
The average price of homes sold last month increased 0.4 per cent from April 2024 to $707,180.
“With more certainty following the federal election, buyers are returning with greater confidence – but they're proceeding cautiously, taking their time, including conditions in their offers, and being more selective,” Czan said.
Czan said OREB will be keeping a close eye on newly elected Prime Minister Mark Carney’s Liberal government, which has pledged to double Canada’s rate of new housing construction over the next decade and create a new housing entity to encourage developers to build more affordable units.
Carney also said his government will eliminate the GST for first-time homebuyers on “all new and substantially renovated” houses valued up to $1 million.
“Looking ahead, we’ll be watching how the federal government’s recent housing commitments translate into action,” Czan said. “Policies aimed at increasing supply, improving affordability and supporting first-time buyers are welcome steps toward meaningful impact here in Ottawa.”
