OREB – Ottawa Business Journal

Ottawa home sales rose 46 percent in October compared to 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 amounted to 11,662, an increase of 9.4 percent compared to the same period last year.

“We are seeing positive movement in the Ottawa market with sales activity picking up,” OREB president Curtis Fillier said in a news release Wednesday.

“This is particularly interesting because there has been sustained activity throughout the year rather than the typical seasonal peaks and troughs.”

Fillier said homebuyer confidence is “getting stronger” in the wake of the Bank of Canada’s latest round of rate cuts, marked by a 50 basis point reduction to its benchmark rate on Oct. 23. But he added that many would-be buyers are waiting for further cuts before making any moves.

The average sales price in October was $668,690, up 1.2 percent from the same month a year ago. The year-to-date average price was $678,081, up 0.9 percent over the same period in 2023.

The benchmark price for single-family homes was $724,500, up 0.7 percent from a year earlier, while the benchmark price for townhouses and townhouses was $506,900, up 1.6 percent.

Meanwhile, the benchmark condo price fell 3.4 percent from a year ago to $407,500.

There were 2,089 new listings in the city last month, up 10.4 percent from October 2023. Active listings for October were up 8.9 percent from 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 exacerbate affordability and accessibility issues,” he said. “Now is always the time for new action and innovative policies that can create much-needed inventory.”