Real Estate Market Report: February 2024 in Ottawa

Mar 4

The Ottawa real estate market continues to show positive momentum, with February 2024 statistics indicating a 15.2% increase compared to the previous year. Let's analyze these figures across the Single-Family, Townhomes, and Condo Apartment categories.

Total Sales:

In February 2024, Ottawa recorded a total of 886 sales, representing a 15.2% rise from February 2023. This surge in sales activity demonstrates heightened market demand. Buyers are seizing opportunities, sellers are growing more confident in their transactions, and overall, real estate consumers are approaching the market with renewed energy.

Residential Market:

The residential sector saw notable shifts in key metrics. The year-to-date average sales price reached $643,177, marking a 1.9% increase from February 2023. Notably, the months of inventory, indicating market activity pace, decreased to 2.7 from 2.9 in February 2023. This decline suggests a faster turnover rate for available properties, potentially favouring sellers amidst a market where confident buyers are acting swiftly on attractively priced homes.

Single-Family Homes:

Single-family homes also experienced positive growth trends. With a year-to-date average sales price of $785,895, there was a 1.1% uptick compared to February 2023. The months of inventory slightly decreased to 3.1 from 3.2, indicating steady demand for this property type.

Townhome/Row Unit Market:

Townhomes and row units remained appealing to buyers, with the average sales price reaching $540,132, reflecting a 1.2% increase from February 2023. The months of inventory stood at 2.0, slightly higher compared to 1.9 in February 2023, yet still indicating a healthy market balance.

Condo Apartment Sector:

The condo apartment sector experienced significant growth, with an average sales price of $423,264, marking a notable 4.7% increase year-to-date. Moreover, the months of inventory decreased to 3.1 from 3.6 in February 2023, indicating a brisk market pace and potential opportunities for both buyers and sellers. Condos have seen the steepest increase in sales, with their affordability making them an attractive investment for first-time buyers or downsizers, resulting in a larger pool of buyers and increased demand.

Implications and Outlook:

February 2024 saw an increase in total sales, signalling a strong real estate market. Positive growth trends were observed across various segments, from residential properties to single-family homes, townhomes, and condo apartments. While these developments offer opportunities for both buyers and sellers, staying informed and proactive is crucial for navigating the dynamic real estate landscape effectively. As the market continues to evolve, vigilance and strategic decision-making will remain paramount for all involved consumers in real estate transactions.