Buyers - Real Estate Investing - Sellers
July 2024 Ottawa Real Estate Update — Biggest Market Shifts Explained!
Hey Ottawa home hunters and sellers! Let’s dive into what’s happening in our city’s housing market this June. Whether you’re looking to buy your dream home or cash in on your property, this post has got you covered.
The Big Picture
The Ottawa market is showing some interesting trends. Here’s a quick snapshot:
Sales
9.2% ↓
Sales are down compared to last June
0.8% ↑
Average price is up slightly by 0.8% to $690,683
26.2% ↑
New listings are up 26.2%
59.4% ↑
Active listings have jumped 59.4%
1,545
A decrease from the previous year but better than 2022
Data compared to June 2023
What does this mean for you? Let’s break it down!
For Buyers
Good news! You’ve got more choices now. With active listings up, you’re not stuck in those crazy bidding wars we saw a couple years ago.
But don’t get too excited – prices aren’t dropping much. The market’s just cooling off a bit, not crashing.
For Sellers
It’s not as hot as it was, but don’t worry. Houses are still selling, just a bit slower. The average home is on the market for 16 days now.
You might not get 10 offers over asking like before, but you can still get a good price if your home is priced right.
What's Hot and What's Not
Let’s look at different types of homes:
Single Family Homes: Holding steady
- Average price: $835,532 (down 0.1%) ↓
- Sales: Down 9.1% ↓
Townhouses: Slight dip
- Average price: $554,339 (down 1%) ↓
- Sales: Down 4.6% ↓
Apartments: Surprise winner!
- Average price: $480,224 (up 7.3%) ↑
- Sales: Down 16.5% (but prices are up!)
Neighbourhood Watch
While we don’t have specific neighbourhood data, here’s what we’re seeing:
- Central areas: Still hot, especially for apartments
- Suburbs: Cooling a bit, but family homes are holding value
- Up-and-coming areas: Look for neighbourhoods with new amenities or transit plans
Nick Labrosse
Read More About Nick
Tips for Buyers
- The market has a higher inventory now, giving more choices.
- Price growth is moderate, suggesting stable conditions for buying.
- Look at homes that have been on the market for a while. You might snag a deal!
- Consider apartments – they’re gaining value fast.
Tips for Sellers
- Price it right the first time. Overpriced homes are sitting longer.
- The current demand is steady, and homes are selling faster.
- With increasing listings, ensure your property stands out by enhancing curb appeal and competitive pricing.
- If you have an apartment to sell, now might be a good time.
When to Buy or Sell?
Buying: Now’s not bad! More choice and steady prices.
Selling: If you’re ready, go for it. Just don’t expect a bidding war.
Remember
Fun Fact
Did you know? If you laid out all the new listings from this June end to end, they'd stretch from Parliament Hill to Kanata!
Do you have any questions?
Drop them in the comments! Let’s chat about Ottawa real estate. Whether you’re a first-time buyer, a seasoned investor, or just curious, I’m here to help make sense of these numbers.
– Stay cool, Ottawa!
