April 2024 Ottawa Real Estate Market Statistics

I hope everyone is enjoying the beautiful spring weather we are having these days.

The Ottawa Real Estate Board has just released the latest Ottawa real estate market statistics for of April 2024.

The results show that the Ottawa real estate market is holding up strongly despite the relatively high interest rate environment.

Some important statistics from the past month:

• The benchmark sold price was up very slightly (1.6%) from April 2023.
• The number of homes sold was up 8.6% from April 2023.
• Months of inventory was 2, up from 1.6 in 2023.

The big take away from these statistics is that prices are mostly flat (up only 1.6%) but that inventory is increasing from a very low level. Rising inventories imply that we may see lower prices this summer than we have seen this spring, but at this point it looks like the difference will be minimal. Also, anecdotally, I am not seeing too many people wanting to sell due to the incoming capital gains tax changes, which is good for the market (and makes sense as most residential real estate is not affected by the tac changes).

All in all, the Ottawa Real Estate market is holding steady, and if you are wondering whether now is a good time to buy or sell, I would say that it is a pretty balanced market, and so you should buy or sell based on what makes sense for you and your goals.