Ottawa Real Estate Market Update: October 2024

Nov 5

As we look at the latest numbers for Ottawa’s real estate market, it's clear that both buyers and sellers have unique opportunities—and challenges—to consider. Let's break down what these numbers mean and how they might impact your plans, whether you're thinking about buying your first home, considering a move, or trying to sell a property that’s been sitting on the market.

Key Takeaways for Buyers:

Average Prices Are Mixed Across Property Types
- Single-family homes saw a slight increase in average price (+0.3%) to $757,520.
- Townhouses experienced more robust growth, with a 2.9% increase, bringing the average sale price to $625,957.
- Apartments saw a decrease in average price, down by 4.4% to $422,369.
What This Means for You: For first-time buyers or those looking to enter the market, apartments could offer more accessible price points given the recent dip in value. Townhouses and single-family homes may continue to appreciate slowly, but they still offer stability if you’re looking for a long-term investment.
Market Activity and Inventory Levels
- The market saw an increase in sold listings across all types—especially townhouses, which were up by 49%.
- Inventory remains varied, with townhouses at a lean 2.1 months of supply, while singles and apartments have around 3.5-3.6 months.
What This Means for You: With higher inventory levels for singles and apartments, buyers may have more negotiating power or options in these segments. However, townhouses remain in high demand, so be prepared to act quickly and perhaps face competition if this is your target property type.
Timing Your Purchase
- Median Days on Market have slightly increased across all types, giving buyers a bit more breathing room. However, in a fast-paced market like Ottawa, it’s still essential to be prepared. Ensure you have mortgage pre-approval and a clear idea of what you’re looking for to stay competitive.
Pro Tip: While the market shows signs of increased inventory, waiting too long could mean missing out on good deals, especially as demand could pick up again. Connect with a knowledgeable real estate agent who can keep you updated on fresh listings and help you strategize.

Insights for Sellers:

Price Expectations
- Sellers of single-family homes and townhouses can feel encouraged by the slight price growth in these segments. However, apartment owners may need to adjust their expectations due to the recent price dip.
Advice: If you're planning to list a condo or apartment, pricing it competitively will be key. For single-family and townhouse sellers, accurate pricing is still critical, but there may be more room for negotiations as demand continues.
Consider the Increased Demand
- With sold listings up 38% for singles, 49% for townhouses, and 22% for apartments, there’s clear buyer interest. However, homes are taking a couple of days longer to sell, reflecting that buyers are taking more time to make decisions.
Advice: If your property has been on the market without much interest, consider refreshing your approach. This could include staging, updating your listing photos, or making minor improvements that can appeal to today’s buyers. Consulting with a professional real estate agent can help fine-tune your strategy to stand out.
Market Conditions and Timing
- October's market stats indicate that we’re in a period of balanced conditions for many property types, but demand remains steady. With inventory remaining relatively stable, now is still a good time to sell—but don’t wait too long, as the market may shift.
Pro Tip: Timing is crucial, especially if you’ve been on the market for a while with little success. Making adjustments now could lead to a successful sale as we approach the end of the year.

Whether you’re buying or selling, having a clear understanding of Ottawa’s market conditions will help you make informed decisions. This October, we see promising activity in various segments, though each property type tells a different story. For buyers, there’s a chance to enter the market strategically, particularly in the apartment sector. For sellers, a well-thought-out listing strategy can be the difference between a quick sale and a prolonged listing period.

Ready to make your move? Feel free to reach out for a consultation—whether you’re buying your first home or trying to sell a property that hasn’t gained traction, we’re here to guide you through every step of the process.