Ottawa’s 2024 resale market ended on a high note, but lingering problems are still having a dampening effect, according to the Ottawa Real Estate Board’s year-end report.
Realtors sold 13,526 units in 2024 through the board’s Multiple Listing Service (MLS). That was an increase of 11.8 per cent from 2023, a year that saw the lowest number of sales in a decade thanks to the soaring interest rates, inflation and buyer fatigue that kiboshed both the resale and new-home markets across the country.
Local resale transactions in December totaled 613 units, a 7.9 per cent increase from December 2023 but still shy of both the five- and 10-year averages.
“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 statement. “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.”
By the numbers – housing types, prices and listings
Realtors sold 7,095 single-family homes, 3,777 town/row homes and 2,465 condo apartments last year. Those numbers represented increases of 14, 12.8 and four per cent respectively over the previous year.
The benchmark price for single-family homes in December was $729,300, up 3.7 per cent compared to the same month last year. The benchmark price for a townhouse/row unit was $533,200, up 11.3 per cent from last year, while condo apartments were $404,400, a drop of 2.5 per cent.
The average price for all homes in 2024 was $679,067, increasing by 1.3 per cent from the previous year.
There were 25,100 new listings in 2024, a gain of more than 18 per cent from 2023 and the highest annual number since 2015.
Despite all these positive signs in the 2024 resale market, “(I)t’s an uphill battle against affordability and supply issues that persist,” said Czan.
“Buyers are still limited in their selection of affordable inventory that can meet current demands, which stalls movement. 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.”
