Ottawa home prices increase 1.6 per cent in April
Home sales and prices continued to heat up in Ottawa in April as the real estate market showed signs of both buyer and seller confidence, according to a new report.
However, the Ottawa Real Estate Board warns the federal government's new mandate requiring workers to be in the office a minimum of three days a week could cause shifts in the real estate market.
Newly released statistics show 1,456 homes and condominiums were sold in Ottawa last month, up 8.9 per cent from April 2023.
- Sign up now for daily CTV News Ottawa newsletters
- The information you need to know, sent directly to you: Download the CTV News App
The average cost of a property sold in Ottawa was $643,700 in April, up 1.6 per cent from April 2023. The benchmark price for single-family homes was $727,700, up 1.6 per cent from the year before. The average price for a single-family home was $719,000 in March.
"While most of Ottawa’s market is in balanced territory, townhomes have shifted to the seller’s market side as supply shrinks," Curtis Fillier, president of the Ottawa Real Estate Board, said in a statement.
"Single-family homes are the most active market, which is inflating the average sale price. The next few months will be both telling and interesting as people continue to redefine their post-pandemic normal amid an upcoming federal election and back-to-work mandate for government workers."
A total of 4,132 homes and condos have been sold in the first four months of the year, up 11.5 per cent from the same period in 2023.
Fillier says that while it has been a "typical spring" for Ottawa's real estate market, there is a "restored mutual confidence" among both buyers and sellers.
"Buoyed by recent sales activity, sellers are more confident that they can move their property as evidenced by the uptick in listings," Fillier said.
"For buyers, the pressure of the pandemic market has eased and they’re comfortable taking the time to find the property that best suits their needs. The pace is still conservative while the economy is holding some back, but overall Ottawa’s market is strong and stable, and that’s a win-win."
The Ottawa Real Estate Board says there were 2,597 new listings in April, up 40 per cent from the year before. At the end of April, there were 2,966 active listings in Ottawa.
CTVNews.ca Top Stories
'Do not drive': Nissan warns Canadian drivers of explosion risk impacting 48,000 vehicles
Car manufacturer Nissan has issued a do-not-drive warning for some older vehicles equipped with Takata airbag inflators, due to the risk of explosion during a crash.
BREAKING Jury deliberations begin in Donald Trump's hush money criminal case
Jury deliberations began Wednesday in Donald Trump’s hush money trial, putting the outcome of the historic case in the hands of a dozen New Yorkers who have vowed to be fair and impartial in the face of their unprecedented task.
Tessa Virtue reveals she's expecting her first child. Here's what Canadians had to say
Canadian figure-skating icon Tessa Virtue is expecting her first child, she revealed via social media Tuesday.
P.E.I. kiteboarder 'lucky to be alive' after shark attack in Turks and Caicos
A professional kiteboarder from P.E.I. says he has been seriously injured in a shark attack that occurred while he was snorkelling in the Turks and Caicos Islands last week.
'Scandals and secrets': On board the world's most exclusive private residential ship
It’s a floating city exclusively home to the 1 per cent, a playground for multimillionaires and billionaires that circumnavigates the world's oceans.
What weather experts say to expect this summer in Canada
Get ready to feel the heat, Canada. Weather experts are predicting more sunshine and warmer temperatures for the summer.
Canada announces $11B for military aircraft training
Canada has announced an $11.2-billion contract to improve training platforms for the military, including the purchase of 70 training aircraft for the Future Aircrew Training program.
CNN exclusive: A federal grand jury may soon hear from Sean 'Diddy' Combs' accusers
Federal investigators are preparing to bring accusers of music mogul Sean "Diddy" Combs before a federal grand jury, two sources familiar with the probe tell CNN — signaling the U.S. Justice Department is moving toward potentially seeking an indictment of Combs.
In bizarre provocation, North Korea flies trash, manure balloons over the South
North Korea flew hundreds of balloons carrying trash and manure toward South Korea in one of its most bizarre provocations against its rival in years, prompting the South’s military to mobilize chemical and explosive response teams to recover objects and debris in different parts of the country.