2024 – Ottawa Real Estate Board

Ottawa’s MLS® Home Sales Healthy Amid a Shifting Market

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,047 units in September 2024. This was an 11.4% increase from September 2023.

Home sales were 17.4% below the five-year average and 15.4% below the 10-year average for the month of September.

On a year-to-date basis, home sales totaled 10,485 units in September 2024 — an increase of 6.4% from the same period in 2023.

“As we navigate a shifting housing market, Ottawa’s fall outlook is healthy,” says OREB President Curtis Fillier. “Activity is robust with an uptick in sales and prices remaining steady. Meanwhile, both buyers and sellers are rethinking their purchasing power amidst news about additional interest rate cuts on the horizon, longer amortizations, and increased price caps for insured mortgages.”

“There have been encouraging policy developments recently that will stimulate demand,” says Fillier. “But Ottawa’s market does not typically have demand problems — we have chronic supply issues. We’re not building enough homes in the city, and we’re not building enough of the right homes to address the ‘missing middle.’”

The Canada Mortgage and Housing Corporation (CMHC) recently reported that Ottawa’s “population-adjusted construction is at its lowest level in nearly 10 years.” A City of Ottawa progress report shows that Ottawa is only at 22 per cent of its annual housing target at the end of August.

By the Numbers – Prices:

The MLS^® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

The overall MLS® HPI composite benchmark price was $642,800 in September 2024, an increase of 0.2% from September 2023.

The benchmark price for single-family homes was $729,000, up 0.5% on a year-over-year basis in September.
By comparison, 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 year-ago levels.

The average price of homes sold in September 2024 was $685,551 increasing 1.4% from September 2023. The more comprehensive year-to-date average price was $679,082, increasing by 0.9% from September 2023.
The dollar volume of all home sales in September 2024 was $717.7 million, up 12.9% from September 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings

The number of new listings saw an increase of 3.9% from September 2023. There were 2,343 new residential listings in September 2024. New listings were 4.7% above the five-year average and 11.6% above the 10-year average for the month of September.

Active residential listings numbered 3,529 units on the market at the end of September 2024, a gain of 16.9% from September 2023. Active listings were 43.3% above the five-year average and 4.6% above the 10-year average for the month of September.

Months of inventory numbered 3.4 at the end of September 2024, up from 3.2 in September 2023. 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.

Ottawa’s Hot Summer Market Expected to Extend into Fall

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,100 units in August 2024. This was a 10.2% increase from August 2023.

Home sales were 11.4% below the five-year average and 14.1% below the 10-year average for the month of August.

On a year-to-date basis, home sales totaled 9,444 units in August 2024 — an increase of 6.0% from the same period in 2023.

“Being a seasonal market, it’s very encouraging to see sustained levels of activity throughout the whole summer,” says OREB President-elect Paul Czan. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.”

“REALTORS® know firsthand how affordability remains a top concern for most buyers. With a stream of new listings hitting the market and prices holding steady, buyers are not moving with urgency. They are still using caution and taking their time to find the right property for their needs and budget. As such, sellers need to be patient and work with a REALTOR® who can use the latest neighbourhood-level data and insights to properly price their property and build a selling strategy.”

By the Numbers – Prices:

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

- The overall MLS® HPI composite benchmark price was $646,000 in August 2024, a decrease of 0.3% from August 2023.
  - The benchmark price for single-family homes was $732,500, down 0.3% on a year-over-year basis in August.
  - By comparison, the benchmark price for a townhouse/row unit was $502,200, up 0.3% compared to a year earlier.
  - The benchmark apartment price was $416,800, down 1.2% from year-ago levels.
- The average price of homes sold in August 2024 was $660,341 increasing 0.3% from August 2023. The more comprehensive year-to-date average price was $678,327, increasing by 0.9% from August 2023.
- The dollar volume of all home sales in August 2024 was $726.3 million, up 10.5% from August 2023.

By the Numbers – Inventory and New Listings:

- - The number of new listings saw an increase of 0.2% from August 2023. There were 1,907 new residential listings in August 2024. New listings were 0.2% above the five-year average and 0.9% above the 10-year average for the month of August.
  - Active residential listings numbered 3,324 units on the market at the end of August 2024, a gain of 25.8% from August 2023. Active listings were 46.5% above the five-year average and 1.3% below the 10-year average for the month of August.
  - Months of inventory numbered 3.0 at the end of August 2024, up from 2.6 in August 2023. 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.

Ottawa’s MLS® Market Gains Momentum Heading into Summer

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,241 units in July 2024. This was a 13.6% increase from July 2023.

Home sales were 7.1% below the five-year average and 8.8% below the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 8,349 units in July 2024 — an increase of 5.5% from the same period in 2023.

“As the market pace typically slows in the summer, July’s activity is encouraging and could be a sign of more gains ahead,” says OREB President Curtis Fillier. “Buyer confidence is slowly but surely catching up while sellers continue to add a steady stream of new listings. Of course, the extent to which that translates into transactions depends on the type of properties and price points available in our communities as supply and affordability issues persist.”

“It’s too early to tell, but recent policy developments could be a boost,” says Fillier. “Two consecutive interest rate cuts by the Bank of Canada, coupled with the federal government’s introduction of 30-year amortization periods on mortgages for first-time homebuyers purchasing newly built homes, will help some buyers. However, these are demand policies and Ottawa — as well as many cities across the country — needs action on the supply side.”

In its Monetary Policy Report, the Bank of Canada points to municipal zoning restrictions and high development fees as long-standing standing challenges to supply growth. Recent data from the Ontario government shows Ottawa is significantly behind its housing starts goal having only built 1,593 homes out of its 12,583 target for 2024. OREB and its member REALTORS® continue to advocate for direct solutions to address the city’s housing crisis, such as allowing four units per lot and reducing costly development fees.

By the Numbers – Prices:

The MLS^® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

The overall MLS® HPI composite benchmark price was $648,900 in July 2024, an increase of 0.1% from July 2023.

The benchmark price for single-family homes was $734,700, down 0.1% on a year-over-year basis in July.
By comparison, the benchmark price for a townhouse/row unit was $506,100, up 3.4% compared to a year earlier.
The benchmark apartment price was $422,800, down 0.9% from year-ago levels.

The average price of homes sold in July 2024 was $679,610 decreasing 2.1% from July 2023. The more comprehensive year-to-date average price was $681,082, increasing by 1.0% from July 2023.
The dollar volume of all home sales in July 2024 was $843.3 million, up 11.3% from July 2023.

By the Numbers – Inventory & New Listings

The number of new listings saw an increase of 17.1% from July 2023. There were 2,231 new residential listings in July 2024. New listings were 6.3% below the five-year average and 6.9% below the 10-year average for the month of July.
Active residential listings numbered 3,480 units on the market at the end of July 2024, a gain of 37.0% from July 2023. Active listings were 50.6% above the five-year average and 2.3% below the 10-year average for the month of July.
Months of inventory numbered 2.8 at the end of July 2024, up from 2.3 in July 2023. 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.

Ottawa’s MLS® Activity Builds After Recovering from Prior Slowdown

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,439 units in June 2024. This was a marginal increase of 0.1% from June 2023.

Home sales were 7.5% below the five-year average and 13.2% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 7,109 units over the first half of the year — an increase of 4.2% 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.”

By the Numbers – Prices:

The MLS^® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

The overall MLS® HPI composite benchmark price was $647,700 in June 2024, a decrease of 0.5% from June 2023.

The benchmark price for single-family homes was $734,300, down 0.2% on a year-over-year basis in June.
By comparison, the benchmark price for a townhouse/row unit was $501,500, down 1.6% compared to a year earlier.
The benchmark apartment price was $420,800, down 1.7% from year-ago levels.

The average price of homes sold in June 2024 was $686,535 increasing 0.5% from June 2023. The more comprehensive year-to-date average price was $681,345, increasing by 1.6% from the first six months of 2023.
The dollar volume of all home sales in June 2024 was $987.9 million, up 0.7% from June 2023.

By the Numbers – Inventory & New Listings

The number of new listings saw an increase of 4.7% from June 2023. There were 2,469 new residential listings in June 2024. New listings were 0.8% below the five-year average and 1% below the 10-year average for the month of June.
Active residential listings numbered 3,585 units on the market at the end of June 2024, a gain of 45.5% from June 2023. Active listings were 57.8% above the five-year average and 1.9% below the 10-year average for the month of June.
Months of inventory numbered 2.5 at the end of June 2024, up from 1.7 in June 2023. 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.

Eastern Ontario Real Estate Boards Exploring Integration

The Cornwall & District Real Estate Board, Kingston and Area Real Estate Association, Ottawa Real Estate Board, Renfrew County Real Estate Board and Rideau-St. Lawrence Real Estate Board are working together to explore regional integration.

Just as PropTx is being adopted to elevate the resources, tools and data we offer, at the core of this exploration is building value. Our organizations are always working to enhance the services we offer our REALTOR® Members to support their professional needs, help them compete in a changing real estate landscape and help them provide unparalleled service to clients.

Integration is being considered because it could bring the regional boards together to establish more influential and capable organization(s) that can meet significant industry developments head-on while effectively representing local interests. This could be achieved through various options, such as an expansion of existing shared services, a merger with one or more of the existing boards, or amalgamation into a new corporation.

Ultimately, a decision to merge or amalgamate in any way must, and will, be brought to Members of all boards for a vote. A task force made up of representatives from each board has been assembled to ensure good governance while options are examined before being brought to the memberships. Transparency is of the utmost importance, and we commit to keeping all Members informed.

The potential of an integrated organization, and the possibilities of what we can build together are exciting. That said, we want Members and other stakeholders to understand this is a complex process that is being given careful attention, thought and time.

May MLS® Home Sales in Ottawa Smooth and Cautious

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,545 units in May 2024. This was a decrease of 9.2% from May 2023.

Home sales were 3.7% below the five-year average and 13.2% below the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 5,673 units over the first five months of the year — an increase of 5.2% from the same period in 2023.

“Ottawa’s early spring market was unsurprisingly steady,” says OREB President Curtis Fillier. “The increase in new listings indicate that sellers are more confident that properties are moving as more activity returns to the market. Some sellers, however, were likely waiting for the Bank of Canada’s interest rate announcement to see if it would affect their purchasing power. The first interest rate cut in four years is good news, but expectations still need to be managed as long as supply issues and high home prices persist.”

“Interest rate cuts, for example, can’t help get more homes built and make them affordable when the City of Ottawa is hiking development fees — a counterproductive move that OREB is firmly against.”

By the Numbers – Prices:

The MLS^® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

The overall MLS® HPI composite benchmark price was $651,300 in May 2024, a marginal gain of 1.2% from May 2023.

The benchmark price for single-family homes was $736,000, up 1.1% on a year-over-year basis in May.
By comparison, the benchmark price for a townhouse/row unit was $517,500, up 2.1% compared to a year earlier.
The benchmark apartment price was $425,000, up 2.0% from year-ago levels.
The average price of homes sold in May 2024 was $690,683 increasing 0.8% from May 2023. The more comprehensive year-to-date average price was $679,862, increasing by 1.8% from the first five months of 2023.

The dollar volume of all home sales in May 2024 was $1.06 billion, down 8.5% from the same month in 2023.

By the Numbers – Inventory & New Listings

The number of new listings saw an increase of 26.2% from May 2023. There were 3,034 new residential listings in May 2024. New listings were 23.2% above the five-year average and 10.2% above the 10-year average for the month of May.
Active residential listings numbered 3,552 units on the market at the end of May 2024, a gain of 59.4% from May 2023. Active listings were 72.2% above the five-year average and 2.9% below the 10-year average for the month of May.
Months of inventory numbered 2.3 at the end of May 2024, up from 1.3 in May 2023. 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.

More News from OREB

Welcome, Nicole Christy!

On June 3, 2024, OREB welcomed a new CEO, Nicole Christy. Nicole joins OREB from the London and St. Thomas Association of REALTORS® (LSTAR) where she rose to the position of Vice-President, Corporate Governance and Leadership Development.

“It’s a pivotal time in a rapidly evolving industry, but our mission remains steadfast: for OREB and its REALTOR® Members to be respected as the leading authority on real estate matters,” says Christy. “I know I’m joining an exceptional team and I look forward to working with everyone to bring our Members new tools and services that will elevate their practice and the value they offer to clients — including new technologies that facilitate barrier-free access to province-wide listing and property data.”

Swing and a hit!

Ottawa REALTORS® took to the greens on May 30, 2024, for OREB’s Annual Charity Golf Tournament, helping to raise an impressive $24,206.25. Through the Ontario REALTORS Care® Foundation, 100% of the funds raised will be donated to local shelter-related charities that provide a refuge, haven, or other type of protection from the effects of hunger, the elements, abuse, disabilities, and illness. In 2023, OREB donated more than $117,000 to local charities thanks to events such as the annual golf tournament and other fundraising initiatives.

Ottawa REALTORS® Welcome Ontario’s $9.5 Million Investment in Supportive Housing in Ottawa

The Ottawa Real Estate Board (OREB) commends the Government of Ontario for its $9.5 million investment to develop more than 100 supportive housing units in Ottawa.

The Ottawa Real Estate Board (OREB) commends the Government of Ontario for its $9.5 million investment to develop more than 100 supportive housing units in Ottawa. At a time when our city is grappling with a housing and homelessness emergency, this funding will build the right kind of homes for people who need them the most. OREB and its Member REALTORS® are committed to advocating for a diverse range of affordable and suitable housing options to meet the varying needs of our community because everyone in Ottawa deserves a place to call home.

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Ottawa REALTORS® Oppose Counterproductive City of Ottawa Development Charge Hike

Ottawa was the first city in Canada to declare a housing and homelessness emergency. Despite chronic affordability and supply issues, Ottawa’s city council is proposing an ill-timed and counterproductive increase in development charges.

The Ottawa Real Estate Board (OREB) strongly opposes the proposed increase and wants the city to reconsider a move that threatens to worsen the challenges facing prospective homebuyers. The ramifications of a cost increase will also be felt beyond the broader housing market in our community when businesses and services cannot adequately attract and retain staff due to a lack of housing.

Raising development charges will significantly increase the cost of new homes. These charges, intended to fund essential infrastructure like roads, water, and wastewater services, already add a substantial financial burden to new developments. Further hikes will lead to higher home prices and slow the construction of new homes — ultimately making homeownership less attainable for many Ottawa residents.

At a time when we should be expanding the housing supply and enhancing affordability, this proposal moves us in the opposite direction. It risks deepening the housing crisis, putting additional financial strain on families and individuals striving to buy their first home. It runs counter to the federal and provincial governments’ efforts to address housing issues through new funding initiatives that do not rely on increasing costs for consumers.

OREB recommends implementing more effective and equitable solutions to funding essential infrastructure without hindering housing development, including:

Capitalizing on federal and provincial funding programs designed to support municipal infrastructure projects without passing costs onto homebuyers.
Allowing water and wastewater services to be provided by municipal services corporations.
Changing city-wide policies to end exclusionary zoning, thereby allowing more diverse and affordable housing options to be built.
Encouraging higher density developments along transit corridors to maximize the use of existing infrastructure.
Helping switch underused commercial properties into residential spaces, increasing the housing supply without new land development.

OREB and its 4,000 member REALTORS® have insights and innovative solutions that promote housing affordability and supply and are committed to working with Ottawa’s city council, policy makers and housing partners to help more residents secure suitable housing.

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Modest Gains Across Ottawa’s MLS® Market a Sign of Shared Confidence

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,456 units in April 2024. This was an increase of 8.9% from April 2023.

Home sales were 2% below the five-year average and 6.9% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 4,132 units over the first four months of the year — an increase of 11.5% from the same period in 2023.

“It’s a typical spring in Ottawa’s real estate market,” says OREB President Curtis Fillier. “What sets it apart from recent springs is a restored mutual confidence among both buyers and sellers. Buoyed by recent sales activity, sellers are more confident that they can move their property as evidenced by the uptick in listings. For buyers, the pressure of the pandemic market has eased and they’re comfortable taking the time to find the property that best suits their needs. The pace is still conservative while the economy is holding some back, but overall Ottawa’s market is strong and stable, and that’s a win-win.”

“The real story is in the details,” says Fillier. “Looking more closely at what’s selling and for how much suggests the demographic of buyer is changing. While most of Ottawa’s market is in balanced territory, townhomes have shifted to the seller’s market side as supply shrinks. Single-family homes are the most active market, which is inflating the average sale price. The next few months will be both telling and interesting as people continue to redefine their post-pandemic normal amid an upcoming federal election and back-to-work mandate for government workers. The detailed insights and data that REALTORS® have unique access to will be invaluable in helping buyers fine-tune their strategy for their specific neighbourhood and property type.”

By the Numbers – Prices:
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

The overall MLS® HPI composite benchmark price was $643,700 in April 2024, a marginal gain of 1.6% from April 2023.

The benchmark price for single-family homes was $727,700, up 1.6% on a year-over-year basis in April.
By comparison, the benchmark price for a townhouse/row unit was $500,800, up slightly at 1% compared to a year earlier.
The benchmark apartment price was $423,100, up 2.1% from year-ago levels.

The average price of homes sold in April 2024 was $705,117 increasing 1.2% from April 2023. The more comprehensive year-to-date average price was $675,817, increasing by 2.4% from the first four months of 2023.
• The dollar volume of all home sales in April 2024 was $1.02 billion, up 10.2% from the same month in 2023.

By the Numbers – Inventory & New Listings

The number of new listings saw an increase of 40.5% from April 2023. There were 2,597 new residential listings in April 2024. New listings were 19.7% above the five-year average and 4.6% above the 10-year average for the month of April.
Active residential listings numbered 2,966 units on the market at the end of April 2024, a gain of 36.6% from April 2023. Active listings were 62.6% above the five-year average and 13.7% below the 10-year average for the month of April.
Months of inventory numbered 2 at the end of April 2024, up only slightly from 1.6 in April 2023. 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.

OREB Welcomes Nicole Christy as New CEO

After a competitive recruitment process, the Ottawa Real Estate Board’s (OREB) Board of Directors is pleased to announce that Nicole Christy will assume the permanent position of CEO. Nicole joins OREB from the London and St. Thomas Association of REALTORS® (LSTAR) where she rose to the position of Vice-President, Corporate Governance and Leadership Development.

“Nicole’s experience with organized real estate and her connections to the Ottawa community make her the premier choice for CEO of the only local association dedicated to empowering Ottawa REALTORS® to be community builders,” says OREB President Curtis Fillier. “She’ll have the full confidence and support of OREB’s Board of Directors as she begins to tackle a list of exciting priorities.”

Nicole joined LSTAR in 2021 after several years working on housing policy and providing government relations support to some of Canada’s leading national associations, including the Canadian Real Estate Association (CREA), the Federation of Canadian Municipalities, and the Canadian Home Builders’ Association. She was instrumental in providing leadership to LSTAR as its members navigated a series of significant changes, including legislative reform and a transition to a new MLS® ecosystem. With a collaborative and forward-thinking approach, she also provided strategic support to LSTAR’s board of directors and oversaw the association’s governance and leadership development processes.

“It’s a pivotal time in a rapidly evolving industry, but our mission remains steadfast: for OREB and its REALTOR® Members to be respected as the leading authority on real estate matters,” says Nicole. “I know I’m joining an exceptional team and I look forward to working with everyone to bring our Members new tools and services that will elevate their practice and the value they offer to clients — including new technologies that facilitate barrier-free access to province-wide listing and property data.”

Nicole is set to start on June 1, 2024. She succeeds Janice Myers who departed OREB at the end of 2023 after 10 years to become the CEO of CREA. The board of directors thanks interim CEO Cherie Kirkby for her expert leadership during the transition period, as well as the entire staff team for their support.