July 2024 Ottawa Real Estate Market Statistics – Interest Rates Return to the Party

The Ottawa Real Estate Board has released their statistics for July 2024.

And the takeaway? The market is flat but a drop in interest rates is starting to bring affordability back for buyers which should result in more sales this fall.

Here are the stats for July 2024.

• Benchmark Single Family Home – Down 0.2% from 2023
• Benchmark Townhouse – Down 1.6% from 2023
• Benchmark Apartment Condo – Down 1.7% from 2023.
• New Listings were up by 4.7% from 2023.
• Active Listings were up 45.5% over 2023.
• Months of Inventory were 2.5 – up from 1.7 in July 2023 but flat from las month.
• In short, inventory is up a fair bit but prices are down just a bit.

And it’s not fair to discuss this month’s real estate statistics without mentioning that the Bank of Canada dropped rates again this month, and anecdotally I am seeing mortgage rates come in about .5% lower than earlier this summer which means that new buyers will have lower mortgage payments for buying the same home.

So the final word – as long as the economy remains stable, lower interest rates should help bring more buyers to the market this fall which should be good for everyone. Buyers get lower mortgage payments and sellers get less hassle and less time in the market.

If you are thinking about selling your home, and you are interested in selling it quickly, for more money and with less hassle, just text SELLERGUIDE to 613-614-3376 and I will send you my free guide on how to sell your home quickly and for the most money.