Positive Outlook for Ottawa Real Estate Market (OREB)

According to the Ottawa Real Estate Board (OREB), there were 613 homes sold in Ottawa in December 2024, which is 7.9% more than the previous year. However, this number was 6.8% below the five-year average and 2.7% below the 10-year average for December.

Year-to-date, sales reached 13,526 units in December, showing an 11.8% increase compared to the same period in 2023.

OREB president Paul Czan stated, “A year of wait-and-see came to a close with the expected slowdown over the holiday season. The latter half of the year brought signs of more favorable market conditions with consecutive interest rate drops, higher insured mortgage limits, and extended amortizations. It’s early to assess the impact of these measures, and it’s an uphill battle against affordability and supply issues that persist.”

Optimism tempered with political change uncertainty

Czan explained that listing activity indicates sellers expect improved conditions to attract more buyers who have been observing the market but are hesitant to act. He added, “While the improving market conditions are encouraging, the supply needs to be there. Coming political shifts are adding a layer of uncertainty, but there is a trending optimism for increased market activity in the months ahead.”

Source: OREB

Prices

The overall home price index composite benchmark price was $645,800 in December 2024, showing a 3.8% increase from December 2023.

For single-family homes, the benchmark price was $729,300, up 3.7% year-over-year. Townhouse/row homes were priced at $533,200, an 11.3% increase from the previous year, while apartment homes were priced at $404,400, 2.5% lower than in 2023.

Home sales in December 2024 totaled $406.9 million, up 12.7% from December 2023.

Inventory and new listings

In December, new listings rose by 13.6% from the previous year, reaching 603 new listings, which was a 3.5% increase from the five-year average and a 2.7% decrease from the 10-year average for December.

Active listings stood at 3,216 units at the end of December, marking a 58.7% increase from December 2023. This was 90% higher than the five-year average and 51.4% above the 10-year average for the month.

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