Closing Out 2024: Ottawa Real Estate Market Trends

Jan 6

As 2024 draws to a close, Ottawa’s real estate market continues to reflect steady growth and resilience. Year-to-date data shows robust sales activity across all housing segments, with residential sales up 11.8% compared to last year. While prices have seen modest increases overall, some property types are showing unique trends worth exploring. With slightly higher inventory levels compared to 2023, the market is offering opportunities for both buyers and sellers.

Here’s a detailed look at the trends shaping Ottawa real estate as we wrap up the year:

Residential Market Highlights

Sales Activity (YTD): 13,526 units (+11.8%)
Average Price (YTD): $679,067 (+1.3%)
Months of Inventory (YTD): 3.0 months (last year: 2.5)

The residential market has experienced consistent growth in sales, with slightly increased inventory providing more options for buyers while maintaining steady demand.

Single-Family Homes

Sales Activity (YTD): 7,095 units (+14%)
Average Price (YTD): $816,489 (+0.6%)
Months of Inventory (YTD): 3.2 months (last year: 2.7)

Single-family homes remain a cornerstone of the market, combining strong sales growth with stable pricing. These properties continue to attract buyers looking for additional space and long-term value.

Townhomes

Sales Activity (YTD): 3,777 units (+12.8%)
Average Price (YTD): $571,498 (+1.4%)
Months of Inventory (YTD): 2.0 months (last year: 1.7)

Townhomes continue to be a competitive segment, offering a balance of affordability and features. This category saw notable growth in both sales and prices, making it a popular choice for many buyers.

Condos

Sales Activity (YTD): 2,465 units (+4.0%)
Average Price (YTD): $433,773 (-0.4%)
Months of Inventory (YTD): 3.6 months (last year: 2.5)

While the condo market shows a slight dip in average prices, sales have seen modest growth. With higher inventory levels, buyers are finding more options in this segment, making it particularly attractive for first-time buyers and investors.

What’s Driving the Market?

Several factors are influencing Ottawa’s real estate trends:

Lower Interest Rates: Encouraging buyers to enter the market by improving affordability.
Increased Inventory: Giving buyers more choices across all segments.
Buyer FOMO: Many are seizing the opportunity to secure properties amid steady pricing and market activity.

Looking Ahead to 2025

As we transition into 2025, Ottawa’s real estate market is well-positioned for continued growth. With strong year-end performance and balanced inventory, both buyers and sellers can anticipate opportunities that align with their goals. Economic factors like interest rates and policy changes will remain key drivers in shaping the market’s trajectory.

If you’re planning your next steps in real estate, understanding these trends is essential. Whether you’re looking to buy, sell, or simply explore your options, now is the time to strategize for success in the year ahead.