Average Prices: A Mixed Bag

The average price for homes in Ottawa, encompassing residential and condominium properties, stands at $690,394 as of June 2024, marking a 0.6% increase over the previous month. However, the picture varies when dissecting the data further – the average price for freehold houses dipped by 1.4% to $787,618, while condominiums experienced a steeper 5.5% decline, averaging $470,484.

Sales Activity: A Year-Over-Year Decline

Ottawa’s housing market witnessed a decrease in sales compared to the previous year. In May 2024, 1,233 residential properties were sold, representing an 8.5% drop from the same period last year. Freehold sales declined by 6.8% to 855 units, while condominium sales fell by 12.1%, totaling 378 transactions.

Days on Market: A Slight Uptick

The average time it takes to sell a home in Ottawa has marginally increased. Freehold houses spent an average of 22 days on the market, up from 18 days the year before. Condominiums took 27 days to sell, compared to 26 days in the previous year.

Inventory Levels: A Seller’s Market

With 2,344 residential properties listed for sale at the end of May and 1,233 units sold, Ottawa’s housing market is currently considered a seller’s market. The inventory level translates to 1.9 months or 7.6 weeks of supply, indicating a favorable environment for sellers.

Price Trends by Property Type

The data provides a comprehensive look at average prices across various property types. Single-detached homes averaged $887,254 (down 1.5%), townhomes/semis at $641,297 (down 1.9%), and bungalows at $761,058 (down 0.8%). Condo apartments saw a 6.2% increase, averaging $474,346, while condo 3-storeys jumped 13.3% to $569,541.