Ottawa Real Estate: February 2024 Insights and Findings
In the constantly evolving world of Ottawa real estate, it is with pride that I witness Haus Collection Realty emerge as a significant contributor to the intricate dynamics shaping our local market. As we approach the makings of what will be a busy spring market, I am excited to share key insights learned from our thorough examination of the Ottawa Real Estate Market in February 2024.
February's performance reveals the robust and dynamic nature of Ottawa's real estate market. Transaction volumes, a critical metric for market health, have experienced a notable upswing across all product types, signaling a positive shift towards equilibrium.
Key Highlights
As we step out of the early months of 2024, there's a discernible increase in transaction volumes across all tracked product types. This marks an anticipated move towards a more balanced market, affirming enduring consumer confidence and the pricing sustainability of Ottawa's real estate sector.
A standout highlight emerges from the condo apartment sector, showcasing an impressive 9.5% year-over-year surge in median prices and a noteworthy 7.5% year-over-year increase in average prices – the highest among all product categories. Beyond the numbers, this underscores the enduring demand and distinct allure of condominium living in Ottawa.
Shifting attention to the detached home market, a steady 1.9% year-over-year increase in median prices and 2.4% in average prices reaffirms a move towards a more balanced position for this segment, constituting the largest portion of Ottawa's housing market. This consistent growth emphasizes the enduring appeal of detached residences in our city.
In luxury real estate, Ottawa's Luxury Threshold experienced a 5.1% year-over-year increase, reaching $1,286,700 for the month of February 2024. This sustained growth signifies a noteworthy development, highlighting the evolution of Ottawa's upscale real estate segment. The luxury market isn't merely keeping pace; it is redefining standards in our city. Detached luxury homes shine, with a 4.4% year-over-year increase in average prices, indicating escalating demand for high-end residences. A remarkable point to note is the 30.5% year-over-year increase in median prices for the luxury home market.
These trends continue to underscore Ottawa's standing not just as a city but as a premier destination for both affordable and upscale living. Our diverse array of high-end properties, coupled with entry and mid-market options, positions Ottawa on par with many major cities. Beyond being mere data points, these insights represent the heartbeat of Ottawa's real estate dynamics, and I eagerly anticipate the ongoing unfolding of our city's dynamic property narrative.
Top Neighbourhoods by Sales Volume for February 2024
Emerald Meadows/Trailwest
Volume: $18,802,835
Median Price: $630,000
Units Sold: 27
Riverside South/Gloucester Glen
Volume: $13,727,150
Median Price: $710,000
Units Sold: 17
Avalon East
Volume: $12,041,000
Median Price: $667,450
Units Sold: 16
Top Neighbourhoods by Median Sale Price for February 2024
(4+ Unit Sale Districts Only)
McKellar/Highland
Volume: $8,435,000
Median Price: $1,520,000
Units Sold: 5
Manotick Village & Manotick Estates
Volume: $5,427,000
Median Price: $1,193,000
Units Sold: 4
Old Ottawa South
Volume: $5,330,000
Median Price: $1,155,000
Units Sold: 4
© 2024 HAUS COLLECTION REALTY LIMITED. ALL WORLDWIDE RIGHTS RESERVED. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. THIS INFORMATION IS BASED ON DATA FROM THE OTTAWA REAL ESTATE BOARD AND INTERPRETED BY HAUS COLLECTION REALTY LIMITED. DATA HAS BEEN LIMITED TO SALES REPORTED WITHIN THE CITY OF OTTAWA BOUNDARY. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, OR YOUR ARE UNDER A BUYER REPRESENTATION CONTRACT WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS.
