Ottawa Real Estate Market Update: December 2024

Dec 11

As December rolls in and the holiday season takes center stage, Ottawa’s real estate market is easing into its typical winter slowdown. November saw 1,059 homes sold, down slightly from October’s 1,179, as buyers and sellers take a seasonal pause. But don’t be fooled—2025 is shaping up to be a year filled with exciting opportunities, especially as we approach the always-busy spring market.

Prices: A Steady Market with Opportunities

Ottawa’s home prices remain stable, providing confidence for both buyers and sellers:

Single-family homes: Averaging $722,400, up 2.1% from November 2023.
Townhomes: Slightly up at $491,500, a 0.3% year-over-year increase.
Condos: At $406,200, down 3.7%, offering an attractive entry point for condo buyers.

The overall average sale price in November was $667,098, marking a 4.6% increase from last year. For buyers, this is a chance to secure a property before spring competition ramps up. For sellers, steady prices and ongoing buyer interest mean it’s a good time to plan your next steps.

Inventory: Choices Abound

Inventory levels are higher than this time last year, with over 4,000 active listings on the market—a 38.2% increase from November 2023. This gives buyers more options, but new listings in November were slightly lower, signaling that well-priced homes are still in demand.

Why 2025 Could Be Your Year

All signs point to an active real estate market in 2025. New mortgage rules, including extended amortization periods and higher default insurance caps, are expected to boost buyers’ purchasing power. Combined with stabilizing interest rates, this will likely draw more buyers back into the market.

Spring has always been the busiest season in Ottawa real estate, and the upcoming one promises to be particularly vibrant. Sellers who prepare early will be well-positioned to take advantage of increased demand, while buyers who start their search now could get a head start on competition.

How to Get Ready

For Buyers:
- Use the quieter winter months to refine your home-buying criteria. Think about location, budget, and must-have features.
- Get pre-approved for a mortgage to understand your purchasing power, especially with the upcoming changes in mortgage rules. A pre-approval also shows sellers you’re serious when you’re ready to make an offer.
- Keep an eye on listings and attend open houses. The market isn’t completely asleep in winter, and you might spot a hidden gem before the spring competition heats up.
For Sellers:
- Take this time to prepare your home for listing. Small improvements, like fresh paint or minor repairs, can go a long way in increasing your home’s appeal.
- Partner with a real estate agent now to develop a marketing strategy, set a competitive price, and schedule professional photography. Getting a head start ensures your home is ready to shine when buyers are most active.
For Homeowners Exploring Options:
- Assess your property’s current value and the equity you’ve built. This can help you decide if now is the right time to move or renovate.
- Stay informed about market trends, especially as new mortgage rules take effect and interest rates stabilize

With a steady market, increasing inventory, and exciting changes on the horizon, there’s a lot to look forward to in 2025. Whether you’re buying, selling, or simply exploring your options, I’m here to help you make the most of the opportunities ahead.