Ottawa saw 613 homes sell in December 2024, 7.9 per cent more than the previous year, the Ottawa Real Estate Board (OREB) reports. This was 6.8 per cent below the five-year average and 2.7 per cent below the 10-year average for December.
Year-to-date, sales totalled 13,526 units in December, which was 11.8 per cent more than the same period in 2023.
“A year of wait-and-see came to a close with the expected slowdown over the holiday season,” said OREB president Paul Czan in a press release.
“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. It’s early to assess the impact of these measures. And it’s an uphill battle against affordability and supply issues that persist.”
Optimism tempered with political change uncertainty
Czan explained that listing activity shows sellers expect improved conditions to bring more activity from buyers who have been watching the market but hesitate to make moves.
”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.”
Source: OREB
Prices
The overall home price index composite benchmark price was $645,800 in December 2024, an increase of 3.8 per cent from December 2023.
This measure for a single-family home was $729,300, up 3.7 per cent year-over-year. Townhouse/row homes came in at $533,200, up 11.3 per cent from the year prior. Apartment homes were $404,400, 2.5 per cent less than in 2023.
Home sales in December 2024 totalled $406.9 million, up 12.7 per cent from December 2023.
Inventory and new listings
December’s new listings rose by 13.6 per cent from the year before. The 603 new listings marked a 3.5 per cent increase from the five-year average and a 2.7 per cent drop from the 10-year average for December.
Active listings totalled 3,216 units at the end of December, 58.7 higher than December 2023, 90 per cent above the five-year average and 51.4 per cent above the 10-year average for the month.
Review the full report.
