Ottawa’s real estate market is showing signs of recovery from the 2023 slowdown, with 12,882 homes sold year-to-date as of November 2024, marking an 11.8% increase from the same period last year. However, monthly sales dipped slightly, with 1,059 homes sold in November, down from 1,179 in October, and slightly below the five- and ten-year averages for the month.
Buyers are cautiously re-entering the market, influenced by expectations of lower interest rates and upcoming mortgage rule changes in December, including extended amortization periods and higher default insurance caps. Sellers are responding with patience, often waiting for the traditionally more active spring market.
While a seasonal slowdown is expected as the holidays approach, steady prices and traffic at open houses indicate sustained interest from buyers watching for opportunities.
Most notable for the month of November, there has been:
Significant Growth in Active Listings: Active residential listings increased by 38.2% year-over-year, reaching 4,036 units in November 2024. This is well above both the five-year (72.8%) and ten-year (44.3%) averages, indicating a substantial rise in inventory.
Decrease in New Listings: New residential listings dropped 7.3% compared to November 2023, totaling 1,352 units, which is 6.3% below the five-year average but slightly above the ten-year average (0.3%).
Months of Inventory Slightly Declined: Months of inventory stood at 3.8 in November 2024, slightly lower than 4.0 in November 2023, suggesting a modestly faster absorption of available properties despite increased inventory.
These figures point to a market with expanding options for buyers but potentially more competition for sellers.
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