We may have just emerged from what T.S. Eliot once called the cruelest month, but the April 2024 resale market was far from brutal, according to the latest report from the Ottawa Real Estate Board.
Realtors sold 1,465 homes through the board’s Multiple Listing Service (MLS). That was not only a jump of 8.9 per cent from the same month last year but it was also just 6.9 per cent below the 10-year average for April.
Last month was the fifth in a row to show a sales increase compared to the year before as the market continues to edge closer to the 10-year average following the prolonged downturn that began in the spring of 2022.
The upturn in sales is also reflected in the year-to-date numbers: home sales for 2024 now total 4,132 units, an increase of 11.5 per cent from the same period in 2023.
“It’s a typical spring in Ottawa’s real estate market,” said board president Curtis Fillier in a statement. “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.”
Housing types, prices and listings
Townhomes — 457 changed hands last month — are now in relatively short supply, turning that market into a seller’s one, according to the board. Singles — Realtors sold 800 in April — are the most active market, which is inflating the average price, according to Fillier.
Realtors also sold 198 condo apartments in April, an increase of more than 14 per cent compared to the same month last year.
The average price for a townhome last month was $553,740, singles averaged $856,521, and condo apartments were $444,694. Overall, resale prices were up just over one per cent from last April and year-to-date prices have grown 2.4 per cent compared to the same period last year.
The exception to the price trend was in the condo market. There, despite a 14 per cent growth in sales transactions, average prices fell 1.5 per cent (a median price drop of 1.8 per cent) compared to the same month last year.
“These figures underscore the increase in inventory, which put some pressure on price points,” according to an analysis by Derek Nzeribe of Haus Collection Realty. “The enduring demand as transaction volume increased indicates the unique appeal of condominium living in Ottawa.”
There were 2,597 new listings last month, according to OREB. That was up 40.5 per cent from a year ago and exceeded both the five- and 10-year averages.
