Ottawa home sales jumped 8.9 per cent in April compared with the same month last year as “mutual confidence among both buyers and sellers” gave the market a lift, the Ottawa Real Estate Board says.
OREB said 1,456 homes changed hands last month, two per cent fewer than the five-year average.
But the industry’s recent recovery continued, with a total of 4,132 transactions in the first four months of 2024, an increase of 11.5 per cent from the same period last year.
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The board said the composite benchmark price of an Ottawa home was $643,700 in April, up 1.6 per cent year-over-year, while the average sale price increased 1.2 per cent to $705,117.
The benchmark price of a single-family home was $727,700, up 1.6 per cent from April 2023. Townhouse and row units had a benchmark price of $500,800, a one per cent rise from the previous year, while the benchmark apartment price ticked up 2.1 per cent to $423,100.
Meanwhile, new listings soared 40.5 per cent last month compared with the previous April. There were 2,597 properties added to the listings, 19.7 per cent above the five-year average and 4.6 per cent above the 10-year average.
Active listings also rose dramatically year-over-year, increasing 36.6 per cent to 2,966 units.
OREB president Curtis Fillier called it a “typical spring” for Ottawa’s resale housing market, but added he is sensing a “restored mutual confidence among both buyers and sellers” that is helping to fuel the recent surge.
“Buoyed by recent sales activity, sellers are more confident that they can move their property as evidenced by the uptick in listings,” Fillier said.
“For buyers, the pressure of the pandemic market has eased and they’re comfortable taking the time to find the property that best suits their needs. The pace is still conservative while the economy is holding some back, but overall Ottawa’s market is strong and stable, and that’s a win-win.”
Fillier said while most of the local market is in “balanced territory,” townhomes are in higher demand as supply shrinks. He added that single-family homes are the most actively traded properties, which is “inflating the average sale price.”
While the industry is keeping a close eye on interest rates, Fillier said his association will also be tracking how the federal government’s recent directive requiring all employees to be in the office at least three days a week as of September affects the market.
“The next few months will be both telling and interesting as people continue to redefine their post-pandemic normal amid an upcoming federal election and back-to-work mandate for government workers,” Fillier said.
