The Ottawa Real Estate Board has released the statistics for last month (October 2024), and we are seeing some positive movement in the market. Consumer confidence appears to be strengthening, and another Bank of Canada interest rate cut is making a clear impact on market activity.
Let’s look at October’s key numbers from the OREB report:
- The benchmark price for single-family homes was $724,500, up 0.7% from last year
- The benchmark price for townhouse/row units was $506,900, up 1.6% compared to a year earlier
- The benchmark price for apartments was $407,500, down 3.4% from 2023
- The current months of inventory in the real estate market is down to 2.8 at the end of October 2024, from 3.2 in September and significantly lower than last year’s inventory of 3.8 in October 2023
My take from these statistics?
It looks like lower rates and new government policies are starting to work. We’re seeing the market move from a buyers market towards a market that is more balanced between buyers and sellers. If this inventory trend continues, you can expect to see positive price movement in spring of 2025.
As always, you should buy or sell based on your personal needs and goals, not based just on what the market is doing.
Best,
Chris
P.S. If you are thinking of selling your home in the next year, it’s important to know what your home is worth so you can budget and plan. Click here to get a free, no-hassle estimate of what your home is likely to get in today’s market, so you can plan for the future and sell with confidence.
