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Ottawa Real Estate: Ottawa home prices down 0.5 percent in June

Ottawa Real Estate: Ottawa home prices down 0.5 percent in June
Ottawa Real Estate: Ottawa home prices down 0.5 percent in June

Ottawa home prices fell slightly in June as the real estate market continued to show “steady activity” heading into summer, according to the Ottawa Real Estate Board.

The average sales price for all homes and condos in Ottawa was $647,000 in June, a decrease of 0.5 percent from June 2023.

According to the Ottawa Real Estate Board, the average price for a single-family home last month was $734,300, down 0.2 percent from a year earlier, while the average price for a townhouse was $501,500, down 1.6 percent from June 2023.

A total of 1,439 homes were sold in Ottawa last month, up 0.1 percent from June 2023. Home sales in June were 7.5 percent below the five-year average.

“Ottawa continues to see steady activity as the summer market approaches,” OREB President Curtis Fillier said in a statement.

“Unlike in recent years, buyers have more room to wait, evaluate and be selective in finding the right property at the right price, leading to a slight increase in days on market. Sellers are making moves, as evidenced by inventory and listings. After recovering from last year’s slowdown, Ottawa’s market performance is nearly back to normal and the company continues to make profits.”

The Bank of Canada announced in June a cut in the overnight rate from 5 p.m. to 4.75 percent. The next rate announcement is scheduled for July 24.

“It’s going to be an interesting summer and the next half of the year. As confidence grows, there will be plenty of opportunities for both sides,” Fillier said.

“Now is the time for sellers to ensure their property is at its best and priced right to attract buyers who may be a little hesitant. Buyers would do well to remember that inventory levels — and competition — can fluctuate quickly in Ottawa’s tight market.”

According to the Ottawa Real Estate Board, there were 2,469 new listings in June 2024, an increase of 4.7 percent from 2023. There were 3,585 active listings in Ottawa at the end of June.