The number of homes sold through the MLS System of the Ottawa Real Estate Board (OREB) totaled 1,179 units in October 2024 — an increase over the 1,047 units sold last month.

Home sales were 3.9% below the five-year average and 0.9% below the 10-year average for the month of October. On a year-to-date basis, home sales totaled 11,662 units in October 2024 — an increase of 9.4% from the same period in 2023.

With sales activity up over the previous year’s sales number, we are seeing positive movement in the market. This is 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.