Ottawa Market Update

August 2024

The Ottawa real estate market is picking up as we move into fall 2024. Home sales in August increased by 10.25% compared to last year, thanks in part to the Bank of Canada's third consecutive interest rate cut. Lower rates are making it easier for buyers to finance homes, however, buyers remain cautious. The average home price is holding steady at $666,268, up just 0.66% from a year ago. This indicates that while there's activity, buyers aren't rushing in, which means sellers need to be strategic.

Currently, there are 27% more homes on the market compared to last year, giving buyers more options and allowing them to be more selective. Sellers should be prepared for longer selling times and ensure their home is competitively priced in the current market. With months of inventory at 3.4 months, the market is moving towards a more balanced market, with neither buyers nor sellers having the upper hand.

As we look ahead, further rate cuts could increase market activity. Buyers should stay informed and act promptly, while sellers should focus on making their properties stand out in a more crowded market.