Ottawa saw 1,439 homes sold last month, which was 0.1 per cent more than the same time last year and 7.5 per cent below the five-year average for June, according to the Ottawa Real Estate Board (OREB).

Year-to-date, home sales totaled 7,109 units for the first half of the year — an increase of 4.2 per cent from the same period in 2023.

“Ottawa continues to see steady activity as we head into the summer market,” says OREB president, Curtis Fillier. “Unlike recent years, buyers have more room to wait, evaluate and be selective when searching for the right property at the right price, leading to a slight uptick in the days on market. Sellers are making moves as evidenced by the inventory and listings. After recovering from last year’s slowdown, Ottawa’s market performance is nearly back on par and continues to make gains.

It’s going to be an interesting summer and next half of the year. As confidence builds, there will be ample opportunities for both parties. Now is the time for sellers to ensure their property is at its best and priced appropriately to attract buyers who remain slightly reluctant. Buyers would do well to remember that inventory levels — and competition — can swing quickly in Ottawa’s tight market.”

Prices

The MLS Home Price Index (HPI) was $647,700 in June, a decrease of 0.5 per cent from June 2023.

Single-family homes averaged $734,300, down 0.2 per cent year-over-year in June, townhouse /row unit homes averaged $501,500, down 1.6 per cent from the year prior, and apartment homes averaged $420,800, 1.7 per cent less than a year ago.

Inventory & new listings

Ottawa had an increase of 4.7 per cent more new listings last month (2,469) compared to June 2023, which was 0.8 per cent below the five-year average.

There were 3,585 total active listings, up 45.5 per cent from the same period last year, which was 57.8 per cent more than the five-year average. Months of inventory stood at 2.5, up from 1.7 the year prior.