Ottawa home prices increase 2.7 per cent in March

April 5, 2024 Canuck

Home sales and prices inched up in March, as Ottawa’s real estate market showed “early signs of a buzzing spring market,” according to a new report.

The Ottawa Real Estate Board says 1,165 homes and condominiums were sold in Ottawa last month, up 10 per cent from March 2022.

While the total homes sold was 21 per cent below the five-year average, the board says there’s reason for optimism in the real estate market heading into spring.

“Ottawa’s real estate market is overall healthy, providing fertile ground for an active spring and summer ahead,” Curtis Fillier, OREB president, said in a statement.

“The increases in new and active listings indicate that sellers are feeling more confident, boosted by the rise in showing activity. Buyers, however, aren’t acting as quickly as they perhaps should be — likely because affordability and supply are still roadblocks.”

The Ottawa Real Estate Board says home prices increased 2.7 per cent in March compared to the year before. The average sale price was $636,700 in March 2024.

Statistics show the benchmark price for a single-family home was $719,000 (up 2.6 per cent), $489,800 for a townhouse/row unit (up 0.9 per cent from March 2023), and $423,200 for a condominium. The average sale price for a single-family home in Ottawa was $710,070 in March 2023.

The Ottawa Real Estate Board says there was a 13.5 per cent increase in new listings in Ottawa, with 2,074 new residential listings last month. There were 2,543 active residential listings on the market at the end of March.

“Something is around the corner in this market, though,” Fillier said.

“People have adjusted to post-pandemic life and that means revisiting their housing needs. Some are downsizing or moving in from the city’s outskirts. Others are looking at more suitable properties that better meet all their needs, which weren’t accessible to them in the peak pandemic market.

“That’s creating pressure from multiple angles on the mid-range property market, which we know is tight to begin with in Ottawa.”

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