Mobile Market Update for October 2024 - Ottawa Real Estate - GoodStory

Mobile Market Update for October 2024 - Ottawa Real Estate - GoodStory

Ottawa Real Estate Market Update – October 2024 📊
Home sales in October 2024 showed resilience with 1,179 units sold, reflecting steady demand despite being 3.9% below the five-year average. Year-to-date sales rose by 9.4% compared to 2023, showing growth in consumer confidence bolstered by recent interest rate cuts.

🏠 Key Highlights:
* Average sale price: $668,690, up 1.2% YoY.
* Benchmark prices:
* Single-family homes: $724,500 (+0.7% YoY).
* Townhouses: $506,900 (+1.6% YoY).
* Apartments: $407,500 (-3.4% YoY).
* Inventory & Listings: Active listings rose by 8.9%, and new listings were 10.4% higher than in October 2023. Months of inventory tightened to 2.8 months, hinting at a possible seller’s market ahead.

Supply challenges remain a key issue, with experts urging innovative solutions like prefabricated homes and expanded tax relief for affordable housing initiatives. While activity is trending positively, the focus remains on increasing inventory to address affordability.

What do you think of these trends? Let us know below!

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