A small increase in home sales in the nation’s capital was seen in July, although numbers are still down from the 10-year and five-year average.
The average price for a home in Ottawa considering all housing types was $648,900 in July, a very small increase of 0.1 per cent year-over-year.
Single-family homes continue to be the most costly, with an average price of $734,700, down 0.1 per cent year-over-year. Townhouse/row houses are 3.4 per cent up from July 2023 at an average price of $506,100.
Apartments dropped in price by 0.9 per cent to an average of $422,800 year-over-year.
There were 1,241 units told through the Ottawa Real Estate Board in July 2024, an increase of 13.6 per cent from last year. However, home sales were 7.1 per cent below the five-year average and 8.8 per cent below the 10-year average.
The President of the Ottawa Real Estate Board, Curtis Fillier, said the numbers are “encouraging.”
“As the market pace typically slows in the summer, July’s activity is encouraging and could be a sign of more gains ahead,” he said in a press release. “Buyer confidence is slowly but surely catching up while sellers continue to add a steady stream of new listings.”
Fillier said that supply of housing and affordability issues are persistent in Ottawa, like in many cities in Canada. The two back-to-back rate cuts from the Bank of Canada and a government policy on 30-year amortization periods for first-time homebuyers could have been a boost, he said.
“However, these are demand policies and Ottawa — as well as many cities across the country — needs action on the supply side,” Fillier explained.
According to a BOC, municipal zoning restrictions and high development fees are part of the challenges for growth, although the two policies also encourage developers to pay for affordable housing or allow intensification along transit corridors.
