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Ottawa's real estate market sees 'steady activity' to kick off summer

A new home is displayed for sale in a housing development in Ottawa on Tuesday, July 14, 2020. (THE CANADIAN PRESS/Sean Kilpatrick) A new home is displayed for sale in a housing development in Ottawa on Tuesday, July 14, 2020. (THE CANADIAN PRESS/Sean Kilpatrick)
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Ottawa home prices dropped slightly in June as the real estate market continued to see "steady activity" heading into the summer, according to the Ottawa Real Estate Board.

The average sale price for all homes and condominiums in Ottawa was $647,000 in June, down 0.5 per cent from June 2023.

The Ottawa Real Estate Board says the average price for a single-family home was $734,300 last month, down 0.2 per cent from the year before, while the average price for a townhouse was $501,500, down 1.6 per cent from June 2023.

A total of 1,439 homes were sold in Ottawa last month, up 0.1 per cent from June 2023. Home sales were 7.5 per cent below the five-year average in June.

"Ottawa continues to see steady activity as we head into the summer market," OREB President Curtis Fillier said in a statement.

“Unlike recent years, buyers have more room to wait, evaluate and be selective when searching for the right property at the right price, leading to a slight uptick in the days on market. Sellers are making moves as evidenced by the inventory and listings. After recovering from last year’s slowdown, Ottawa’s market performance is nearly back on par and continues to make gains."

The Bank of Canada announced in June a cut in its overnight rate to 4.75 per cent from 5 p.m. The next scheduled rate announcement is July 24.

“It’s going to be an interesting summer and next half of the year. As confidence builds, there will be ample opportunities for both parties," Fillier said.

"Now is the time for sellers to ensure their property is at its best and priced appropriately to attract buyers who remain slightly reluctant. Buyers would do well to remember that inventory levels — and competition — can swing quickly in Ottawa’s tight market."

The Ottawa Real Estate Board says there were 2,469 new listings in June 2024, up 4.7 per cent from 2023. At the end of June, there were 3,585 active listings in Ottawa.

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The Bank of Canada is expected to announce its key interest rate decision in less than two weeks. Last month, the bank lowered its key interest rate to 4.7 per cent, marking its first rate cut since March 2020.

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