Ottawa Real Estate: Report says buyer and seller confidence returning to Ottawa market

Home sales and prices in Ottawa continued to rise in April, reflecting a strong real estate market with confidence from both buyers and sellers. However, the Ottawa Real Estate Board cautions that the federal government’s new mandate for workers to be in the office at least three days a week could impact the market.

Statistics reveal that 1,456 homes and condos were sold in Ottawa last month, marking an 8.9% increase from April 2023. The average property price in Ottawa was $643,700 in April, up 1.6% from the previous year. Single-family homes had a benchmark price of $727,700, also up 1.6% from the year before.

President of the Ottawa Real Estate Board, Curtis Fillier, noted that the townhome market has shifted to favor sellers due to decreasing supply, while single-family homes remain the most active segment, leading to an increase in average sale prices. The market is expected to evolve in the coming months as people adjust to post-pandemic norms amidst an upcoming federal election and the government’s back-to-work mandate.

With a total of 4,132 homes and condos sold in the first four months of the year, up by 11.5% from the same period in 2023, Fillier emphasized a renewed confidence among buyers and sellers in the market. Sellers are more willing to list their properties, while buyers are taking their time to find the right fit.

The Ottawa Real Estate Board reported 2,597 new listings in April, representing a 40% increase from the previous year, with 2,966 active listings by the end of the month. Overall, Ottawa’s real estate market is described as strong and stable, with a positive outlook for both buyers and sellers.