Welcome to all Osgoode residents and real estate enthusiasts! We’re thrilled to present the latest Osgoode real estate market report for February 2024. In this month’s report we delve into the key statistics that will keep you informed about the current state of the unique housing market in Osgoode.
Property Prices
The average sale price for a detached single-family home in February 2024 for Osgoode has been recorded at $682,333, showing a sharp increase of 29.01% as compared to last year’s price of $528,900 for February 2023. This considerable growth in housing prices gives a clear indication of the rising desirability of this beautiful region.
Days to Sell
The average time on the market in Osgoode for February was 31 days, a significant decrease from last year’s timeline, during the same time, of 48 days. Compared to 5 years ago in February 2019, when the average Days to Sell was a weary 91, we are seeing a difference of -60 days. This paced-up transaction time reflects the increasing demand in the Osgoode real estate market.
Properties Sold
Reflecting on the total property sales, we observed that there were 3 properties sold in February 2024. Last year, in February 2023, there were 5 properties sold, showing a decrease of 40.0%. However, if we go back 5 years to February 2019, when only 2 properties were sold, we find an uptick of 50.0%.
Long-Term Market Growth
In the last 5 years, sale prices for detached homes in Osgoode have shown a significant rise from an average of $450,742 in 2019 to the current average sales price of $682,333 in February 2024. This portrays an average difference of -21.5%, representing an average equity increase of approximately $231,591 for detached single-family homes in Osgoode.
Moreover, the average sales price change for a Bungalow from 2019 to February 2024 is $180,286, a difference of +36.6% and for a 2-Story home, it’s a whopping $592,031, a difference of +145.5%. Even the average sales price change for a Row/Town home demonstrated strong growth, touching $135,000, a difference of +41.5%.
Osgoode vs Ottawa
While comparing real estate trends in Osgoode with the broader municipality of Ottawa, we find intriguing patterns. In February 2024 the average sale price for a detached single-family home in Ottawa hovered around $705,443, a slight climb of +3.4% from Osgoode’s average single-family home price of $682,333.
Posted Mortgage Rates
For potential investors or buyers looking to finance their home purchase, as of February 27, 2024, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 6.99%, and the 5-Year term is 6.84%.
Conclusion
The Osgoode real estate market continues to showcase robust growth, with property prices steadily climbing and transaction times decreasing. Despite a slight dip in the number of properties sold compared to the previous year, long-term market growth remains promising, offering substantial equity increases for homeowners. Furthermore, when compared to the broader Ottawa municipality, Osgoode stands out as an attractive option for buyers seeking affordability coupled with a thriving community. With mortgage rates holding relatively steady, now may be an opportune time for both investors and homebuyers to explore the dynamic opportunities available in the Osgoode real estate market.
All real estate statistics provided herein have been obtained from data reported by the Ottawa Real Estate Board’s MLS System. We have curated our search criteria to ensure more accurate stats for smaller regions of Ottawa. All figures are believed accurate but may not be guaranteed – we are human after all!
