Housing Inventory, Sales & Prices Are Up! What's Next?
Based on the number of active listings, there has been a consistent increase in the number of active listings in all property types.
While in the sales department, 12 out of the 13 property types experienced increases in sales, except for duplexes, which decreased. This trend signals increased buyer demand for housing in the Ottawa real estate marketplace. This may also indicate buyers successfully negotiating for lower prices to buy these property types.
In the next few months, it is anticipated that interest rates may start to decrease, which will fuel more buyer demand looking for property-buying opportunities with a limited housing inventory. If it happens, it is expected that the marketplace will experience a significant amount of property bidding wars leading to significant housing price increases, similar to what happened before and during the COVID-19 pandemic.
RESIDENTIAL
| NUMBER OF ACTIVE LISTINGS | NUMBER OF SALES | |||
| Property Type | February 2024 | March 2024 | February 2024 | March 2024 |
| 1 1/2-Storey Detached | 135 | 150 | 35 | 52 |
| 2-Storey Detached | 1,027 | 1,195 | 301 | 406 |
| Bungalows | 830 | 967 | 248 | 305 |
| Hi-Ranch | 106 | 115 | 31 | 52 |
| Semi-Detached | 202 | 209 | 64 | 90 |
| Split-Level Detached | 91 | 111 | 28 | 51 |
| 2-Storey Townhome | 318 | 320 | 167 | 222 |
| 3-Storey Townhome | 50 | 60 | 27 | 38 |
CONDO
| NUMBER OF ACTIVE LISTINGS | NUMBER OF SALES | |||
| Property Type | February 2024 | March 2024 | February 2024 | March 2024 |
| One-Level Apartment | 405 | 484 | 142 | 184 |
| 2-Storey Townhome | 85 | 98 | 51 | 59 |
| Stacked Townhome | 111 | 107 | 38 | 48 |
MULTI-FAMILY
| NUMBER OF ACTIVE LISTINGS | NUMBER OF SALES | |||
| Property Type | February 2024 | March 2024 | February 2024 | March 2024 |
| Duplex | 63 | 71 | 15 | 13 |
| Apartments (5+ Units) | 83 | 88 | 5 | 6 |
Source: Ottawa Real Estate Board
