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Ottawa’s MLS Market Thawed in January but Sales Still Slow

Ottawa’s MLS Market Thawed in January but Sales Still Slow 

Sales in January:

  • In January 2024, 629 units were sold in Ottawa, an increase of 16.5% compared to January 2023. Home sales were 10.7% below the 5year average and 3.9% below the 10-year average for the month of January.

Comments from the Real Estate Board President:

  •  “Ottawa’s market activity is seeing positive gains over last year but it’s still a relatively quiet market even by pre-pandemic standards,” says OREB President Curtis Fillier. “While REALTORS® are telling us there’s lots of showing activity — probably thanks in part to the forgiving winter thus far — it’s not all translating to sales. This tells us that buyers are back out there looking, but still approaching cautiously. During the pandemic market, buyers had to move quickly and sometimes settle for a property that didn’t check all their boxes. Today, buyers are using the slower market to take the time needed to find their perfect place. Sellers would be well-advised to adjust their expectations and thoughtfully consider their pricing and timing strategy using the negotiating expertise and hyper-local data their REALTOR® can provide.”

  •  “Ottawa’s market conditions can fluctuate quickly, though, because our supply is chronically low,” adds Brandon Reay, OREB’s policy and external relations manager. “Ottawa needs more suitable and affordable homes to address the housing crisis, and we need to increase density to meet population demands. We can’t restore and grow upon the market activity Ottawa saw five and 10 years ago without more houses for people to buy. OREB recommends direct solutions for meaningful policy change, including streamlining the process at the Ontario Land Tribunal, eliminating exclusionary zoning, and permitting four units on residential lots. To meet the aggressive housing targets, we need to close the labour gap with investments in colleges and trade schools. We don't need any more reactionary and distracting policy, like the federal government’s extension of the foreign buyers ban."

 Home Prices:

  • The HPI indicates a modest increase in home prices compared to last year:

  • The benchmark price for a typical home was $621,600 in January 2024, up by 3.2% from January 2023.

  • Single-family homes: The average price was $703,500, a 3.7% increase from the previous year.

  • Townhouses: The average price was $462,200, down 2.1% from last year.

  • Apartments: The average price was $418,500, showing a 3.7% increase from the previous year.

  • The overall average price of homes sold in January 2024 was $631,722, a 1.8% increase from January 2023.

  • The total value of all homes sold in January 2024 amounted to $397.4 million, a 18.6% increase from January 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

Listings and Inventory:

  • There was a 7.3% increase in new listings compared to January 2023.

  • At the end of January 2024, there were 1,961 homes available for sale, 4.5% more than the previous year.

  • The inventory of homes was at 3.1 months, down from 3.5 months in January 2023, indicating the time it would take to sell all homes at the current sales rate.

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Step into opulence with this 2020 Hartland Tamarack residence. This EnergyStar-certified home spans over 3000 sf on a premium wide lot. As you enter, you're greeted by a majestic foyer, a versatile sitting area, & a separate dining room easily transformed into a main floor office. The chef's kitchen, bathed in natural light, boasts high-end appliances & quartz counters, complemented by floor-to-ceiling cabinets and an eat-in breakfast bar. The open concept seamlessly connects the kitchen to the LV rm, centered around a cozy gas FP. Upgraded hardwood flooring graces every inch of the home, extending to the fully finished basement. The 2nd floor features 4 big bdrms and 3 full bths (2 ensuites & 1 Jack & Jill bath) and a full sized laundry room. The Master suite offers upgraded closets and a luxurious 4-piece bath retreat. The fully finished basement includes the 5th bedroom & a 3-pc bth. This residence effortlessly blends elegance with functionality for the ultimate living experience. (id:2493)

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Live and work at home with a unique business opportunity, all set on a sprawling 49.61-acre estate. This fully operational gravel pit with a Class B License has a unique license to mine above/below the water table. It has an authorized 16.2 hectares (40 acres) for sand & gravel extraction. The pit is currently permitted to produce a maximum of 20,000 metric tonnes of aggregates annually, but could be expanded to an A-class license. This land presents significant potential for further extraction and expansion! Furthermore, the property's value is enhanced by a residential living. This home offers 5 bds, 3 bths, and ample space for entertaining. Highlights include cathedral ceiling in the LV Rm, guest-loft, 3-cars garage, finished bsmt w/game room and radiant floor heating, geothermal heating, HRV and more. The exterior is adorned w/cultured stone and barnboard-like façade. Fully landscaped, the ground features two man-made ponds and a hobby-barn. don't miss out this amazing opportunity. (id:2493)

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New property listed in Winchester

I have listed a new property at 13243 THOMPSON Road in Winchester. See details here

Live and work at home with a unique business opportunity, all set on a sprawling 49.61-acre estate. This fullyoperational gravel pit with a Class B License has a unique license to mine above/below the water table. It has anauthorized 16.2 hectares (40 acres) for sand & gravel extraction. The pit is currently permitted to produce amaximum of 20,000 metric tonnes of aggregates annually, but could be expanded to an A-class license. This landpresents significant potential for further extraction and expansion! Furthermore, the property's value is enhancedby a residential living. This home offers 5 bds, 3 bths, and ample space for entertaining. Highlights includecathedral ceiling in the LV Rm, guest-loft, 3-cars garage, finished bsmt w/game room and radiant floor heating,geothermal heating, HRV and more. The exterior is adorned w/cultured stone and barnboard-like façade. Fullylandscaped, the ground features two man-made ponds and a hobby-barn. Don't miss out this amazing opportunity. (id:2493)

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New property listed in Chesterville

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I have listed a new property at 23 MOFFAT Street in Morewood. See details here

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I have listed a new property at 2103 GARDENWAY Drive in Ottawa. See details here

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I have listed a new property at 2080 THIBAULT Court in Chesterville. See details here

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I have listed a new property at 501 475 LAURIER Avenue West in Ottawa. See details here

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New property listed in Smiths Falls

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I have listed a new property at 23 MOFFATT Street in Morewood. See details here

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