Ottawa home sales, prices in February up year-over-year

In this file photo, a new home is shown for sale in a housing development in Ottawa on Tuesday, July 14, 2020. THE CANADIAN PRESS/Sean Kilpatrick

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.

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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