In October 2024, Ottawa’s resale housing market saw a boost, with 1,179 homes sold through the MLS® System — an increase from the previous month. Year-to-date, sales are up 9.4% compared to 2023, a sign of gradually improving consumer confidence, which has been aided by a recent 50-basis-point Bank of Canada interest rate cut. However, supply remains a significant challenge.
“Inventory in Ottawa is tight and can shift quickly to a seller’s market,” says OREB President Curtis Fillier, emphasizing the need for policy changes to expand housing options. REALTORS® are advocating for innovative solutions, like investing in prefabricated housing and extending tax relief for affordable housing projects.
Market Numbers at a Glance:
- The overall MLS® HPI benchmark price reached $639,500, a 0.4% increase from October 2023.
- Single-family home prices rose 0.7% to $724,500, while townhouses increased 1.6% to $506,900.
- Apartments decreased in value, down 3.4% year-over-year to $407,500.
- Active listings rose 8.9% from last year, with months of inventory at 2.8, indicating a brisk market pace.
Ottawa’s real estate market is cautiously optimistic, showing steady growth in sales and a pressing need for increased inventory to meet demand.
