Ottawa housing market ended 2024 with optimistic signs with 8 per cent rise in home sales
Ottawa’s real estate market ended 2024 with some optimistic signs, including an increase in the number of homes sold.
The Ottawa Real Estate Board says 613 homes and condominiums were sold in December 2024, up 7.9 per cent from December 2023.
The average price of homes sold in December was $663,781, up 4.4 per cent from the year before.
“The latter half of the year brought signs of more favourable market conditions with consecutive interest rate drops, higher insured mortgage limits and extended amortizations,” Paul Czan, Ottawa Real Estate Board president, said in a statement.
“It’s early to assess the impact of these measures. And it’s an uphill battle against affordability and supply issues that persist.”
A total of 13,526 homes and condominiums were sold in Ottawa in 2024, up 11.8 per cent from 2023.
Czan says while there are signs buyers are returning to the market, housing supply continues to be a challenge in Ottawa.
“Listing activity indicates that sellers anticipate improved conditions could spur more activity from buyers who have been keeping a close eye on the market but hesitant to make moves,” Czan said in a statement.
“Buyers are still limited in their selection of affordable inventory that can meet current demands, which stalls movement. 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 more increased market activity in the months ahead.”
The Ottawa Real Estate Board says the benchmark price for a single-family home was $729,300 in December, up 3.7 per cent from the year before. The benchmark price for a townhouse was $533,200 (up 11.3 per cent), and $404,400 for a condominium (d
own 2.5 per cent).
There were 603 new residential listings in Ottawa last month, up 13.6 per cent from 2023. At the end of December, there were 3,216 active residential units on the market.
The 613 homes and condominiums sold in Ottawa in December were 6.8 per cent below the five-year average and 2.7 per cent below the 10-year average for the month of December.
Average sale price in Ottawa in 2024
Here is a look at the average price for homes sold in Ottawa in 2024:
- January: $631,722
- February: $651,340
- March: $682,078
- April: $706,117
- May: $690,683
- June: $685,535
- July: $679,610
- August: $660,341
- September: $685,551
- October: $668,890
- November: $667,797
- December: $663,781
(Source: The Ottawa Real Estate Board)
This article was first reported by CTV News
