Courtesy of The MacGowan Team

Ottawa’s Hot Summer Market Expected to Extend into Fall

DOWN 1.2% year-to-year $416,800 apartment

$732,500 single family DOWN 0.3% year-to-year

BENCHMARK PRICES

3.0 MONTHS OF INVENTORY

1,907 NEW LISTINGS 1,100 SOLD LISTINGS

3,324 ACTIVE LISTINGS

OTTAWA, September 5, 2024 - The number of homes sold through the MLS ® System of the Ottawa Real Estate Board (OREB) totaled 1,100 units in August 2024. “Being a seasonal market, it’s very encouraging to see sustained levels of activity throughout the whole summer,” says OREB President-elect Paul Czan. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.” The overall MLS ® HPI composite benchmark price was $646,000 in August 2024, a decrease of 0.3% from August 2023. The benchmark price for single-family homes was

$732,500, down 0.3% on a year-over-year basis in August. By comparison, the benchmark price for a townhouse/row unit was $502,200, up 0.3% compared to a year earlier. The benchmark apartment price was $416,800, down 1.2% from year-ago levels. There were 1,907 new residential listings in August 2024. Active residential listings numbered 3,324 units on the market at the end of August 2024. Months of inventory numbered 3.0 at the end of August 2024. Statistics reflect market activity in August 2024 | Source: OREB ® Ottawa Real Estate Board | Market values stated are of the average of Ottawa and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Direct. 613-859-1317 Mike@MacGowanTeam.com www.MacGowanTeam.com

Mike MacGowan REALTOR ® 613.859.1317

Ken MacGowan B.Comm., CPA, CMA, Real Estate Broker 613.791.5480

Daren MacGowan REALTOR ® 613.324.5294

Each Office Independently Owned and Operated. 747 Silver Seven Rd UNIT 29, Ottawa, ON K2V 0H2 Affiliates Realty Ltd., Brokerage

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