Ottawa Market Update

november 2024

The Ottawa real estate market in November 2024 is making steady progress, presenting opportunities for both buyers and sellers. Inventory has grown by over 38% compared to last year, giving buyers more choices, though competition remains, especially for single-family homes.

Sales are up 11.8% year-to-date, and prices are holding steady with modest increases in single-family homes and townhouses, while apartments have seen a slight decline.

This market leans towards a balanced state, but buyers may find slightly more negotiating power due to the increase in inventory and slower seasonal activity. Sellers, particularly those with single-family homes or townhouses, can benefit from stable or rising prices, but strategic pricing remains essential to attract interest.

In the coming months, buyers can expect more favorable conditions as mortgage rules evolve and inventory continues to grow, while sellers should prepare for increased competition as the spring market approaches​.