November Market Surge: Ottawa Real Estate Stats and Trends

Dec 4

By Charlene Weber, Real Estate Agent at New Purveyors, RE/MAX Hallmark

November brought a notable surge in Ottawa’s real estate market, with residential sales up 45% compared to last November. Prices climbed across most segments, and year-to-date figures point to steady growth. Buyers who had been waiting on the sidelines are re-entering the market, encouraged by lower interest rates and the upcoming 30-year amortization for first-time buyers (effective December 15th).

With the next Bank of Canada rate announcement on December 11th, the market dynamics could shift further. Let’s dive into the numbers and trends shaping Ottawa real estate.

Residential Market Snapshot

Average Price (November): $667,098 (+4.6% from Nov 2023)
Sales Activity (November): 1,059 units (+45%)
Average Price (YTD): $679,797 (+1.2%)
Sales Activity (YTD): 12,882 units (+11.8%)
Months of Inventory (YTD): 2.9 months (last year: 2.4)

Single-Family Homes

Average Price (November): $786,626 (+4.7% from Nov 2023)
Sales Activity (November): 549 units (+41.5%)
Average Price (YTD): $816,941 (+0.3%)
Sales Activity (YTD): 6,778 units (+14.4%)
Months of Inventory (YTD): 3.1 months (last year: 2.7)

Single-family homes remain a cornerstone of the market, offering steady price growth and strong demand.

Townhomes

Average Price (November): $582,892 (+7.0% from Nov 2023)
Sales Activity (November): 327 units (+70.3%)
Average Price (YTD): $571,667 (+1.1%)
Sales Activity (YTD): 3,581 units (+12.6%)
Months of Inventory (YTD): 2.0 months (last year: 1.7)

Townhomes saw the largest year-over-year sales increase, reflecting their growing appeal among buyers seeking affordability.

Condos

Average Price (November): $422,570 (-1.8% from Nov 2023)
Sales Activity (November): 168 units (+19.1%)
Average Price (YTD): $434,444 (-0.2%)
Sales Activity (YTD): 2,348 units (-0.2%)
Months of Inventory (YTD): 3.5 months (last year: 2.4)

Condos continue to attract buyers looking for affordable options, with opportunities emerging from slight price corrections.

What’s Driving the Market?

Lower Interest Rates: Creating affordability and driving demand.
30-Year Amortization: Effective Dec. 15, expected to bring more first-time buyers into the market.
Increased Competition: Buyers are acting fast, particularly in the townhome segment.

Key Takeaways

November’s stats reflect a strong, competitive market with growth across segments.
Year-to-date data shows resilience and steady demand in Ottawa’s housing market.
Buyers waiting on the sidelines may want to act now as demand continues to rise.

If you have questions about these trends or want to discuss your real estate goals, feel free to reach out. The market is moving, and I’m here to help guide you every step of the way.