Ottawa Market Update

DECEMber 2024

The Ottawa real estate market ended 2024 with steady growth and signs of shifting conditions.

December saw an increase in home sales compared to the previous year, while the average price of homes rose to $663,781, marking a 4.4% increase from December 2023. Inventory levels climbed significantly, with the number of homes on the market up 58.7% year-over-year. With months of inventory rising to 5.2, the market leans toward buyers, offering them more choice and room for negotiation.

For buyers, this means an opportunity to explore a wider range of options as supply grows. However, affordability challenges persist, particularly as prices continue to rise. Sellers can expect longer timelines to sell their properties, but the overall price growth suggests there is still steady demand in the market.

As we head into 2025, buyers are likely to benefit from improving conditions, while sellers may need to adjust expectations to stay competitive in this evolving landscape.