Market Update
The Ottawa Real Estate Board reports 1,059 properties (residential & condominiums) sold in November 2024, approximately a 45.1% increase in homes sold when compared to November 2023. Home sales totaled 12,882 units for the first eleven months of the year, representing approximately a 11.8% increase for the same period in 2023. Sales in November did decline slightly from October 2024 unit sales of 1,179, highlighting the more typcial slowdown as people start to get busy with holiday plans and snow begins. However, those thinking of making a change are watching the market and attending open houses. With another expected interes rate cut this week and changes to the the mortgage rules coming into effect mid month some buyers are waiting. Now is a good time for buyers to get pre-approvals in place & understand their budget and for sellers to get a home evaluation and make a plan to get your home ready for market. Once again, keeping an eye on your neighborhood’s supply of homes and the neighborhoods/styles of home your interested in is key.
The Ottawa Real Estate Board is now using the MLS®Home Price Index (HPI) to track changes in the real estate market (this tool is used by Canadian Real Estate Association across Canada). The overall MLS® HPI composite benchmark price for Ottawa was $636,700 in November 2024, an increase of approximately 1.5% from November 2023. Benchmark price for single family home was $722,400, up 2.1% on a year-over-year basis when compared to November 2023. The benchmark price for a townhouse/row unit was $491,500, up 0.3% compared to a year earlier. The benchmark apartment price was $406,200 representing a 3.7% decrease from a year ago.
The average sale price for homes sold in November 2024 was $667,098 increasing 4.6% from November 2023. The year to date average price was $679,797, increasing by approximately 1.2% when compared to the first 10 months of 2023. Keep in mind, these are averages so some homes experienced a larger gain and some less, it is key to look at what is happening in your neighborhood, surrounding neighborhoods and with comparable homes. (See Ottawa’s MLS Market Making Headway®, December 9, 2024)
For Kanata, unit sales in Novmber 2024 (all housing types) were 102, translating to approximately a 29.1% increase when compared with November 2023. For greater Stittsville, unit sales in November 2024 (all housing types) were 66 units, representing approximately a 65% increase from November 2023. In Kanata, the average sale price in November 2024 was $692,578 for all housing types, representing approximately a 2.8% increase when compared to November 2023. For greater Stittsville, the average sale price in Novmeber 2024 versus November 2023, decreased 11.9% to $696,318 for all housing types. (Source: Ottawa Real Estate Board Residential Market Analysis using MLS® November 2024, November 2023)
November residential inventory in Ottawa – 1,352 new properties (all housing types) on the market in November 2024, a decrease of approximately 7.3% when compared to November 2023 and 6.3% below the five-year average for November. At the end of November, there were 4,036 homes for sale (all housing types), about a 38.2% increase when compared to the end of November 2023 and 72.8% higher when compared to the 5 year average for November.
At the end of November 2024, Ottawa’s inventory of homes (all housing types) was 3.8 months, down from 4.0 months at the end of November 2023 (this is the number of months it would take to sell current inventories at the current rate of sales activity). Contact us if you would like an update on your neighborhood/a specific street or type of home.
Click here to read our Ottawa Market Update November 2024 – 50 Years of Change.
Source: See Ottawa’s MLS Market Making Headway®, December 9, 2024)
