January 13, 2025•
10:59 AM•
Regional
Views: 338
Based on the Ottawa Actual Property Board (OREB), 613 properties have been offered in December, although gross sales remained 6.8% under the five-year common and a pair of.7% under the 10-year common for the month.
For the yr, complete residence gross sales reached 13,526 items, an 11.8% enhance from 2023.
OREB President Paul Czan described 2024 as a “yr of wait-and-see” that ended with indicators of bettering market situations, together with consecutive rate of interest cuts, greater insured mortgage limits, and prolonged amortization intervals. “It’s early to evaluate the influence of those measures,” he famous, including that affordability and provide challenges persist.
Costs and market exercise
The common non-seasonally adjusted sale value in December was $663,781, a 4.4% enhance from the identical interval in 2023.
The MLS House Value Index composite benchmark value—which accounts for seasonality and is taken into account a extra correct measure—rose 3.8% year-over-year to $645,800.
Single-family properties noticed a 3.7% enhance to $729,300, whereas townhouse/row items posted an 11.3% acquire, reaching $533,200. Condo costs, in the meantime, dipped 2.5% to $404,400.
The overall greenback quantity of residence gross sales in December surged 12.7% year-over-year to $406.9 million. For the total yr, gross sales quantity reached $9.2 billion, marking a 13.3% leap from 2023.
Stock and listings
New listings in December rose 13.6% in comparison with the earlier yr, with 603 properties hitting the market.
Energetic listings on the finish of the month stood at 3,216 items, up 58.7% year-over-year. Stock ranges additionally surged properly above historic averages, with months of stock rising to five.2, up from 3.6 in December 2023.
Regardless of these beneficial properties, Czan emphasised that provide stays a vital challenge for patrons, persevering with to restrict inexpensive choices for a lot of.
“Whereas the bettering market situations are encouraging, the availability must be there,” he mentioned.
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Final modified: January 13, 2025