Home sales prices in Ottawa up in February from a year ago

The Ottawa Real Estate Board says home sales and home prices in February were up compared to the year before.

OREB says 886 units were sold in Ottawa last month, a 15.2 per cent increase from February 2023. These figures, however, are lower than the five-year and ten-year averages.

The average price of homes sold in February was $651,340, up 2 per cent from the year prior and a 50.2 per cent increase from five years ago.

“With metrics across the board up from last year, it’s clear both buyers and sellers are making moves. The metrics, however, don’t tell us about all the people relegated to the sidelines because affordability remains out of reach for many,” said OREB president Curtis Fillier in a news release.

According to OREB statistics, the benchmark price for a single-family home in Ottawa was $708,500 in February, up 3.1 per cent year-over-year, and up $3,000 from January.

The benchmark price for a townhouse or row house unit was $495,000 last month, a 0.6 per cent year-over-year increase, but a jump of more than $32,000 compared to January.

 

 

The benchmark apartment price was $417,000, up 2.7 per cent from a year ago.

Fillier says Ottawa’s market is constrained by a lack of affordable and suitable supply.

“That’s why we’re currently advocating for impactful measures such as allowing four residential units on property lots and getting rid of exclusionary zoning. There’s a missing middle that we need to build up,” he said.
Ottawa market in February by the numbers:

Average price for a single family home: $796,167
Average price for a townhouse unit: $538,745
Average price for an apartment: $429,410
New listings: 1,539 units
Active listings: 2,158 units
Homes sold: 886
Months of inventory: 2.4

5-year and 10-year average price comparisons

 

 

From 2019:

Overall average price: Up 50.2 per cent
Single-family homes: Up 51 per cent
Townhouses: Up 59 per cent
Apartments: Up 35.6 per cent

From 2014:

Overall average price: up 79.5 per cent
Single-family homes: Up 90 per cent
Townhouses: Up 80.4 per cent
Apartments: Up 49.2 per cent

 

 

This article was first reported by CTV News