After six straight months of sales increases, the January 2025 resale market slipped marginally, according to the latest numbers from the Ottawa Real Estate Board.
Realtors sold 617 homes through the board’s Multiple Listing Service (MLS), down 4.2 per cent from the same month last year. Sales in January were also 13 per cent below the five-year average and 9.6 per cent below the 10-year average for the month.
“The recent Bank of Canada rate cut … (the threat of) U.S. tariffs, along with upcoming provincial and federal elections, introduce factors of variability,” said board president Paul Czan in a statement. “That said, confidence is growing, and more buyers are expected to return to the market in the coming months, leading to an increase in transactions.”
Singles dominate, prices vary, listings grow
As usual, single-family homes led the market last month. Realtors sold 306 singles, 192 townhomes and 109 condo apartments.
The benchmark price for single-family homes last month was $713,000, up 2.3 per cent from last January. By comparison, the benchmark price for a townhouse/row unit was $448,000, down almost four per cent from a year ago, while the benchmark apartment price was $436,900, up 4.5 per cent.
MORE: 2024 resale market showed improvements and problems
The average price of homes — a different measurement from the benchmark price — was $670,258 in January. That was an increase of almost six per cent from the same month last year.
There were 1,359 new residential listings in the January 2025 resale market, an increase of three per cent from last year and more than nine per cent above the 10-year average for the month.
Listings, like sales, have been growing steadily over the past several months, prompting Czan’s caution that “while there’s more supply, the availability of suitable properties in various market segments remains tight. This is reflected in some homes selling quickly while others linger on the market. Sellers should be prepared to price competitively and present their homes in the best light to capture buyer interest in this evolving market.”
Months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 5.4 at the end of last month, compared to 3.3 in January 2024.
