Ottawa Real Estate Sees Surge in Home Sales and Prices in February

The Ottawa Real Estate Board has reported a significant upswing in home sales and prices for the month of February compared to the previous year.

According to the Ottawa Real Estate Board (OREB), a total of 886 units were sold in Ottawa last month, marking a notable 15.2% increase from February 2023 figures.

However, while these numbers reflect a positive trend, they still fall below the five-year and ten-year averages for the region.

The average selling price of homes in February rose to $651,340, showing a 2% uptick from the same period a year earlier, and a substantial 50.2% increase when compared to five years ago.

OREB President Curtis Fillier highlighted that the market’s performance reveals active engagement from both buyers and sellers, although the concern regarding affordability persists.

The benchmark price for a single-family home in Ottawa climbed to $708,500 last month, indicating a 3.1% annual increase and a $3,000 rise from January.

Moreover, the benchmark price for a townhouse or row house unit reached $495,000, showing a 0.6% year-over-year gain and a significant jump of over $32,000 compared to January.

Meanwhile, the benchmark price for apartments attained $417,000, reflecting a 2.7% increase compared to the same period a year ago.

Fillier emphasized that the Ottawa real estate market is grappling with a shortage of affordable and suitable housing options, calling for measures to address the issue.

Advocating for impactful changes like allowing the construction of four residential units on property lots and eliminating exclusionary zoning practices, Fillier stressed the need to build up the ‘missing middle’ in the housing sector.