The October Ottawa Real Estate Market Update – Interest Rates Falling Like Autumn Leaves
The Ottawa Real Estate Board has released the statistics for last month (Sept 2024). The overall market is stable but heading further into “buyer’s market” territory, while mortgage rates are coming down and the Federal government has made some big announcements that will benefit many sellers while not affecting others.
First let’s talk about September’s stats. From the OREB press release:
- The benchmark price for single-family homes was $729,000, up 0.5% from last year.
- The benchmark price for a townhouse/row unit was $500,000, down 1.7% compared to a year earlier.
- The benchmark apartment price was $414,200, down 1.3% from 2023.
- The current months of inventory in the real estate market stood at 3.4 at the end of September 2024, up from 3.2 in September 2023 and up from 3.0 just last month. 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.
Based on these numbers I would say that we are still in a mild buyers market, and based purely on the months of inventory I would say that the scales are tipping further towards buyers as we move into the fall. In my experience, well marketed properties are still getting strong offers, but sellers should be prepared to market aggressively and be flexible on price if they find interest is weak.
As for the big announcements from the federal government – click here to find out how the new announcements from the Federal Government affect you.
Best,
Chris Hendricks, J.D., REALTOR®, Real Estate Broker
Keller Williams Integrity Realty Brokerage
C: 613-614-3376
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.
Source: https://www.oreb.ca/newsroom/ottawas-mls-home-sales-healthy-amid-a-shifting-market/
