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May MLS Home Sales in Ottawa Smooth and Cautious

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,545 units in May 2024. This was a decrease of 9.2% from May 2023.

Home sales were 3.7% below the five-year average and 13.2% below the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 5,673 units over the first five months of the year — an increase of 5.2% from the same period in 2023.

“Ottawa’s early spring market was unsurprisingly steady,” says OREB President Curtis Fillier. “The increase in new listings indicate that sellers are more confident that properties are moving as market activity picks up. Some buyers, however, were likely waiting for the Bank of Canada’s interest rate announcement to see if it would affect their purchasing power. The first interest rate cut in four years is good news, but expectations still need to be managed as long as supply issues and high home prices persist.”

“Interest rate cuts, for example, can’t help get more homes built and make them affordable when the City of Ottawa is hiking development fees — a counterproductive move that OREB is firmly against.”

By the Numbers – Prices:

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

  • The overall MLS® HPI composite benchmark price was $651,300 in May 2024, a marginal gain of 1.2% from May 2023.
    • The benchmark price for single-family homes was $736,000, up 1.1% on a year-over-year basis in May.
    • By comparison, the benchmark price for a townhouse/row unit was $517,500, up 2.1% compared to a year earlier.
    • The benchmark apartment price was $425,000, up 2.0% from year-ago levels.
  • The average price of homes sold in May 2024 was $690,683 increasing 0.8% from May 2023. The more comprehensive year-to-date average price was $679,862, increasing by 1.8% from the first five months of 2023.
  • The dollar volume of all home sales in May 2024 was $1.06 billion, down 8.5% from the same month in 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

 

By the Numbers – Inventory and New Listings:

  • The number of new listings saw an increase of 26.2% from May 2023. There were 3,034 new residential listings in May 2024. New listings were 23.2% above the five-year average and 10.2% above the 10-year average for the month of May.
  • Active residential listings numbered 3,552 units on the market at the end of May 2024, a gain of 59.4% from May 2023. Active listings were 72.2% above the five-year average and 2.9% below the 10-year average for the month of May.
  • Months of inventory numbered 2.3 at the end of May 2024, up from 1.3 in May 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

In conjunction with the Ottawa Real Estate Board (OREB), historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.

Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and May highlights from the Ottawa Real Estate Board (OREB).

We’d welcome an opportunity to discuss the May MLS Home Sales in Ottawa Smooth and Cautious. If you have any questions about our services, please contact our team.

GTA REALTORS® Release March 2024 Stats

The latest data from the Toronto Regional Real Estate Board (TRREB) reveals some interesting trends in the GTA housing market for March 2024.

Despite a slight dip in sales compared to March 2023, largely attributed to the timing of Good Friday, the GTA real estate landscape is showing signs of vitality and resilience.

RESIDENTIAL STATS

Key Highlights:

  • A total of 6,560 homes were sold in March 2024, marking a modest 4.5% decrease from March 2023.
  • New listings surged by 15%, indicating a healthier market supply. The average selling price saw a slight increase of 1.3% year-over-year to $1,121,615.
  • A noticeable uptick in new listings by 18.3% year-over-year in the first quarter reflects a market ready for spring.

Market Insights:

TRREB President Jennifer Pearce notes, “A gradual market improvement with more buyers adjusting to higher interest rates, and anticipation for a stronger spring market contributed to the significant rise in new listings.”

What is seasonal adjustment? Seasonality refers to a monthly (or quarterly) pattern that occurs in roughly the same manner from one year to the next, e.g., sales are highest in the spring and lowest in the winter each year.

HPI provides a price growth measure for a benchmark home with the same characteristics over time, allowing for an apples-to-apples comparison from one year to the next.

Future Outlook:

Experts predict an acceleration in price growth as the market heads into spring, driven by lower borrowing costs and a tighter market. TRREB Chief Market Analyst Jason Mercer anticipates, “Price growth is expected to accelerate, with sellers’ market conditions emerging in many neighbourhoods.”

A Call for Action on Housing Supply: 

As demand for both ownership and rental housing increases, TRREB CEO emphasizes the need for innovative solutions to boost housing supply and affordability. This includes exploring co-ownership models and encouraging gentle density in high-demand areas.

Final Thoughts:

The GTA real estate market is poised for an exciting period of growth and evolution. With anticipated lower borrowing costs and a focus on increasing housing supply, we’re looking forward to seeing how these dynamics will shape the market in the coming months. Stay tuned for more updates and insights into the GTA housing market!

 

Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and March highlights from the Toronto Regional Real Estate Board (TRREB).

We’d welcome an opportunity to discuss the GTA REALTORS Release March 2024 Stats. If you have any questions about our services, please contact our team.

Buyers Re-Enter the Greater Toronto Housing Market in February

As we navigate through the dynamic landscape of the Toronto real estate market, it is essential to stay informed about the latest trends and developments.

The Greater Toronto Area (GTA) has demonstrated resilience and growth, showcasing a notable increase in both home sales and new listings as of February 2024.

This positive momentum is supported by the region’s population growth and a robust economy, continually fueling the demand for housing despite higher borrowing costs.

RESIDENTIAL STATS

Total Residential Transactions Feb 2024

TRREB President Jennifer Pearce highlights the market’s adaptation to the current financial environment, with consumers optimistically anticipating future rate cuts. The adjustment in buyer strategies to mitigate the impact of elevated mortgage rates is evident, with an emphasis on saving for larger down payments and exploring less expensive housing options within the GTA.

The February statistics from TRREB’s MLS® System reveal a 17.9% increase in GTA home sales compared to the previous year, with new listings rising at an even greater rate. This provides buyers with increased options, signaling a market approaching balance. Despite the seasonal adjustments, the steady growth in selling prices and the MLS® Home Price Index Composite benchmark further affirm the market’s stability.

TRREB Table Feb 2024

Looking ahead, TRREB Chief Market Analyst Jason Mercer anticipates a resurgence in buyer activity, driven by adjusted housing preferences and the potential for lower interest rates. The emphasis on homeownership as a long-term investment over renting underscores the significance of the market’s evolution in 2024.

Average Selling Price Feb 2024 Total New Listings Feb 2024 Property Days on Market Feb 2024 Seasonally Adjusted Figures Feb 2024

What is seasonal adjustment? Seasonality refers to a monthly (or quarterly) pattern that occurs in roughly the same manner from one year to the next, e.g., sales are highest in the spring and lowest in the winter each year.

Home Price Index Feb 2024

HPI provides a price growth measure for a benchmark home with the same characteristics over time, allowing for an apples-to-apples comparison from one year to the next.

Moreover, TRREB’s efforts to address housing affordability and its social implications are commendable. The ongoing initiatives to streamline the construction of new homes and support municipalities in their quest to meet homeownership needs are pivotal in fostering a healthy and accessible housing market.

RESIDENTIAL CONDOMINIUM SALES STATS

COMMERCIAL STATS

In conjunction with the Toronto Regional Real Estate Board (TRREB) redistricting project, historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.

 

Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and February highlights from the Toronto Regional Real Estate Board (TRREB).

We’d welcome an opportunity to discuss the GTA Realtors Release February 2024 Stats. If you have any questions about our services, please contact our team.

Ottawa’s MLS® Market Thawed in January but Sales Still Slow

The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 629 units in January 2024. This was an increase of 16.5% from January 2023.

Home sales were 10.7% below the five-year average and 3.9% below the 10-year average for the month of January.

Ottawa’s market activity is seeing positive gains over last year but it’s still a relatively quiet market even by pre-pandemic standards. While REALTORS® are telling us there’s lots of showing activity — probably thanks in part to the forgiving winter thus far — it’s not all translating to sales. This tells us that buyers are back out there looking, but still approaching cautiously. During the pandemic market, buyers had to move quickly and sometimes settle for a property that didn’t check all their boxes. Today, buyers are using the slower market to take the time needed to find their perfect place. Sellers would be well-advised to adjust their expectations and thoughtfully consider their pricing and timing strategy using the negotiating expertise and hyper-local data their REALTOR® can provide.

Ottawa’s market conditions can fluctuate quickly, though, because our supply is chronically low. Ottawa needs more suitable and affordable homes to address the housing crisis, and we need to increase density to meet population demands. We can’t restore and grow upon the market activity Ottawa saw five and ten years ago without more houses for people to buy. OREB recommends direct solutions for meaningful policy change, including streamlining the process at the Ontario Land Tribunal, eliminating exclusionary zoning, and permitting four units on residential lots. To meet the aggressive housing targets, we need to close the labour gap with investments in colleges and trade schools. We don’t need any more reactionary and distracting policy, like the federal government’s extension of the foreign buyers ban.

By the Numbers – Prices:

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

  • The overall MLS® HPI composite benchmark price was $621,600 in January 2024, a gain of 3.2% from January 2023.
    • The benchmark price for single-family homes was $703,500, up 3.7% on a year-over-year basis in January.
    • By comparison, the benchmark price for a townhouse/row unit was $462,200, down 2.1% compared to a year earlier.
    • The benchmark apartment price was $418,500, up 3.7% from year-ago levels.
  • The average price of homes sold in January 2024 was $631,722, increasing 1.8% from January 2023.
  • The dollar volume of all home sales in January 2024 was $397.3 million, up 18.6% from the same month in 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.

 

 

By the Numbers – Inventory & New Listings

  • The number of new listings saw an increase of 7.3% from January 2023. There were 1,271 new residential listings in January 2024. New listings were 17.5% above the five-year average and 0.8% above the 10-year average for the month of January.
  • Active residential listings numbered 1,961 units on the market at the end of January 2024, a gain of 4.5% from the end of January 2023.
  • Active listings were 57.4% above the five-year average and 16.6% below the 10-year average for the month of January. Months of inventory numbered 3.1 at the end of January 2024, down from the 3.5 months recorded at the end of January 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

In conjunction with the Ottawa Real Estate Board (OREB), historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.

Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and January highlights from the Ottawa Real Estate Board (OREB).

We’d welcome an opportunity to discuss the Ottawa MLS® Market Thawed in January but Sales Still Slow. If you have any questions about our services, please contact our team.

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