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Strong finish for Ottawa’s real estate market in 2024

Ottawa’s real estate market wrapped up 2024 with a solid uptick in activity, as December home sales rose 7.9% year-over-year.

Ottawa real estate market 2025 winter

According to the Ottawa Real Estate Board (OREB), 613 homes were sold in December, though sales remained 6.8% below the five-year average and 2.7% below the 10-year average for the month.

Ottawa December 2024 sales activity

For the year, total home sales reached 13,526 units, an 11.8% increase from 2023.

OREB President Paul Czan described 2024 as a “year of wait-and-see” that ended with signs of improving market conditions, including consecutive interest rate cuts, higher insured mortgage limits, and extended amortization periods. “It’s early to assess the impact of these measures,” he noted, adding that affordability and supply challenges persist.

Prices and market activity

The average non-seasonally adjusted sale price in December was $663,781, a 4.4% increase from the same period in 2023.

The MLS Home Price Index composite benchmark price—which accounts for seasonality and is considered a more accurate measure—rose 3.8% year-over-year to $645,800.

Single-family homes saw a 3.7% increase to $729,300, while townhouse/row units posted an 11.3% gain, reaching $533,200. Apartment prices, meanwhile, dipped 2.5% to $404,400.

The total dollar volume of home sales in December surged 12.7% year-over-year to $406.9 million. For the full year, sales volume reached $9.2 billion, marking a 13.3% jump from 2023.

Inventory and listings

Ottawa new listings December 2024

New listings in December rose 13.6% compared to the previous year, with 603 properties hitting the market.

Active listings at the end of the month stood at 3,216 units, up 58.7% year-over-year. Inventory levels also surged well above historical averages, with months of inventory rising to 5.2, up from 3.6 in December 2023.

Despite these gains, Czan emphasized that supply remains a critical issue for buyers, continuing to limit affordable options for many.

“While the improving market conditions are encouraging, the supply needs to be there,” he said.

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Last modified: January 13, 2025

Steve Huebl is a graduate of Ryerson University's School of Journalism and has been with Canadian Mortgage Trends and reporting on the mortgage industry since 2009. His past work experience includes The Toronto Star, The Calgary Herald, the Sarnia Observer and Canadian Economic Press. Born and raised in Toronto, he now calls Montreal home.

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