Ottawa Real Estate Board

The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 1,047 units in September 2024. This was up by 11.4% from September 2023.

Home sales were 17.4% below the five-year average and 15.4% below the 10-year average for the month of September.

On a year-to-date basis, home sales totaled 10,485 units over the first nine months of the year. This was an increase of 6.4% from the same period in 2023.

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $642,800 in September 2024, essentially unchanged, up just 0.2% compared to September 2023.

The benchmark price for single-family homes was $729,000, a slight gain of 0.5% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $500,000, falling by 1.7% compared to a year earlier, while the benchmark apartment price was $414,200, a modest decline of 1.3% from year-ago levels.

The average price of homes sold in September 2024 was $685,551, a small gain of 1.4% from September 2023.

The more comprehensive year-to-date average price was $679,082, edging up 0.9% from the first nine months of 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. Price will vary from neighbourhood to neighbourhood.

The dollar value of all home sales in September 2024 was $717.8 million, a gain of 12.9% from the same month in 2023.

The number of new listings was up modestly by 3.9% from September 2023. There were 2,343 new residential listings in September 2024.

New listings were 4.7% above the five-year average and 11.6% above the 10-year average for the month of September.

Active residential listings numbered 3,529 units on the market at the end of September, an increase of 16.9% from the end of September 2023. Active listings haven’t been this high in the month of September in more than five years.

Active listings were 43.3% above the five-year average and 4.6% above the 10-year average for the month of September.

Months of inventory numbered 3.4 at the end of September 2024, up from the 3.2 months recorded at the end of September 2023 and above the long-run average of 3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.