'Positive movement' in Ottawa's real estate market in October with home sales up nearly 50%
Ottawa home sales increased nearly 50 per cent in October, as "consumer confidence is getting stronger" following a fourth cut in interest rates this year.
New statistics from the Ottawa Real Estate Board show 1,179 homes and condominiums were sold in Ottawa last month, up from 816 units in October 2023.
The composite benchmark price for a home in Ottawa was $639,500 in October, up 0.4 per cent from $638,600 the year before. The average price for a condominium dropped 3.4 per cent to $407,000 in October.
“We’re seeing positive movement in Ottawa’s market with sales activity up,” Curtis Fillier, president of the Ottawa Real Estate Board, said in a statement.
"This is especially interesting because there has been sustained activity throughout the year instead of the typical seasonal spikes and lulls. Consumer confidence is getting stronger, boosted by another consecutive Bank of Canada interest rate cut — though many are waiting for additional rate drops.”
- Sign up now for daily CTV News Ottawa newsletters
- The information you need to know, sent directly to you: Download the CTV News App
On Oct. 23, the Bank of Canada cut its key lending rate from 4.25 per cent to 3.75 per cent, the fourth rate cut in a row by the central bank.
The Bank of Canada's next interest rate announcement will be December 11.
Fillier says the challenge for Ottawa's real estate market "remains supply."
"We know from experience that Ottawa’s inventory leans tight and can swing quickly from balanced territory to a seller’s market — which can compound affordability and accessibility challenges," Fillier said. "Now is always the time for fresh action and innovative policies that can create much-needed inventory.”
A total of 11,662 homes and condominiums were sold in Ottawa in the first 10 months of the year, up 9.4 per cent over the same period in 2023.
The Ottawa Real Estate Board says there were 2,089 new listings in October, up 10.4 per cent from a year ago. There were 3,354 active listings on the market as of the end of October.
Home sales by the numbers
- Ottawa composite benchmark price: $639,500
- Benchmark price for a single-family home: $724,500 (up 0.7 per cent from October 2023)
- Benchmark price for a townhouse/row unit: $506,900 (up 1.6 per cent from October 2023)
- Benchmark apartment price: $407,000 (Down 3.4 per cent from October 2023)
CTVNews.ca Top Stories
Trump threatens to try to take back the Panama Canal. Panama's president balks at the suggestion
Donald Trump suggested Sunday that his new administration could try to regain control of the Panama Canal that the United States “foolishly” ceded to its Central American ally, contending that shippers are charged “ridiculous” fees to pass through the vital transportation channel linking the Atlantic and Pacific Oceans.
Man handed 5th distracted driving charge for using cell phone on Hwy. 417 in Ottawa
An Ottawa driver was charged for using a cell phone behind the wheel on Sunday, the fifth time he has faced distracted driving charges.
Wrongfully convicted N.B. man has mixed feelings since exoneration
Robert Mailman, 76, was exonerated on Jan. 4 of a 1983 murder for which he and his friend Walter Gillespie served lengthy prison terms.
Can the Governor General do what Pierre Poilievre is asking? This expert says no
A historically difficult week for Prime Minister Justin Trudeau and his Liberal government ended with a renewed push from Conservative Leader Pierre Poilievre to topple this government – this time in the form a letter to the Governor General.
opinion Christmas movies for people who don't like Christmas movies
The holidays can bring up a whole gamut of emotions, not just love and goodwill. So CTV film critic Richard Crouse offers up a list of Christmas movies for people who might not enjoy traditional Christmas movies.
More than 7,000 Jeep SUVs recalled in Canada over camera display concern
A software issue potentially affecting the rearview camera display in select Jeep Wagoneer and Grand Cherokee models has prompted a recall of more than 7,000 vehicles.
'I'm still thinking pinch me': lost puppy reunited with family after five years
After almost five years of searching and never giving up hope, the Tuffin family received the best Christmas gift they could have hoped for: being reunited with their long-lost puppy.
10 hospitalized after carbon monoxide poisoning in Ottawa's east end
The Ottawa Police Service says ten people were taken to hospital, with one of them in life-threatening condition, after being exposed to carbon monoxide in the neighbourhood of Vanier on Sunday morning.
New York City police apprehend suspect in the death of a woman found on fire in a subway car
New York City police announced Sunday they have in custody a “person of interest” in the early morning death of a woman who they believe may have fallen asleep on a stationary subway train before being intentionally lit on fire by a man she didn't know.