Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for November 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.
Ottawa Real Estate Market Update: November 2024
The Ottawa real estate market in November 2024 is showing promising signs of recovery after the slowdown experienced in 2023. With increased activity in year-to-date sales and rising inventory levels, the market is steadily regaining momentum, even as seasonal trends begin to cool activity. Here's a detailed look at the numbers and what they mean for buyers and sellers.
Home Sales and Pricing Trends In November 2024, a total of 1,059 homes were sold through the MLS® System of the Ottawa Real Estate Board (OREB). While this reflects a slight decrease from October's 1,179 sales, it marks an 11.8% year-to-date increase compared to 2023, underscoring a recovery in market activity.
Prices are holding steady, with the benchmark price for a single-family home at $722,400, up 2.1% year-over-year. Townhomes saw a modest increase of 0.3%, reaching $491,500, while apartments experienced a slight decline to $406,200, down 3.7% compared to last year. The average sale price in November was $667,098, a notable 4.6% increase year-over-year, reflecting stable demand despite economic uncertainties.
Inventory and Listings The number of new listings in November totaled 1,352, a 7.3% decrease compared to last year, while active residential listings surged by 38.2%, with 4,036 homes on the market. Months of inventory stood at 3.8, slightly down from 4.0 in November 2023, indicating a balanced market where neither buyers nor sellers hold a significant advantage.
The uptick in inventory compared to previous years is a welcome sign for buyers who have been navigating a market with limited options over the past few years. Sellers, on the other hand, may need to adjust expectations as buyers proceed cautiously, awaiting further interest rate adjustments and upcoming mortgage rule changes.
Key Factors Shaping the Market OREB's Past-President, Curtis Fillier, highlighted several trends impacting buyer and seller behavior:
Buyers are exercising caution, closely watching interest rates and preparing for December's new mortgage rules, including extended amortization periods and higher default insurance caps, which could redefine purchasing power.
Sellers are holding off for the typically busier spring market, with many focusing on maintaining competitive pricing and showcasing properties effectively during the slower winter months.
A Look Ahead As the year winds down, seasonal slowdowns are expected as attention shifts to the holidays. However, with prices remaining steady, increased inventory, and open houses continuing to attract interest, the market remains active. Buyers looking for opportunities and sellers preparing for the upcoming spring market should take note of these dynamics.
What This Means for You For buyers, now may be a good time to explore opportunities, especially in the apartment market, where prices have softened. Sellers should focus on preparing their homes to stand out in a market with rising inventory levels. Whether you're buying or selling, staying informed and working with a trusted real estate professional can help you make the most of the current market conditions.
The Ottawa market is making headway on its road to recovery, and 2025 promises to be an exciting year as new policies and market trends continue to shape the landscape. Stay tuned for more updates and insights to navigate Ottawa’s dynamic real estate market effectively!
Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.
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