Ottawa home sales surge nearly 50% in October: OREB

David Sali

November 6, 2024

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Ottawa home sales soared 46 per cent in October compared with the same month a year ago, the Ottawa Real Estate Board says. The board says a total of 1,179 units changed hands last month, up from 808 in October 2023. Home sales in the first 10 months of 2024 totalled 11,662, a 9.4 per cent increase from the same period last year. “We’re seeing positive movement in Ottawa’s market with sales activity up,” OREB president Curtis Fillier said in a news release Wednesday. “This is especially interesting because there has been sustained activity throughout the year instead of the typical seasonal spikes and lulls.” Fillier said homebuyer confidence is “getting stronger” in the wake of the Bank of Canada’s recent series of interest rate cuts, punctuated by a 50-basis-point reduction to its benchmark rate on Oct. 23. But he added that many would-be buyers are waiting for additional cuts before making any moves. The average sale price in October was $668,690, a 1.2 per cent increase from the same month a year ago. The year-to-date average price was $678,081, up 0.9 per cent over the same period in 2023. The benchmark price for single-family homes was $724,500, up 0.7 per cent year-over-year, while the benchmark price for townhouse and row units was $506,900, a 1.6 per cent increase. Meanwhile, the benchmark apartment price dropped 3.4 per cent from a year ago to $407,500. There were 2,089 new listings in the city last month, up 10.4 per cent from October 2023. Active listings for October rose 8.9 per cent compared with a year earlier to 3,354. Fillier said a lack of supply remains a “challenge” for local homebuyers. “We know from experience that Ottawa’s inventory leans tight and can swing quickly from balanced territory to a seller’s market – which can compound affordability and accessibility challenges,” he said. “Now is always the time for fresh action and innovative policies that can create much-needed inventory.”