Ottawa Real Estate Market: December 2024 Highlights

Ottawa Real Estate Market: December 2024 Highlights

The Ottawa real estate market closed the year with some impressive stats for for the month of December 2024. Here’s an in-depth look at the numbers provided by the Ottawa Real Estate Board (OREB) and the Canadian Real Estate Association (CREA) highlighting key trends in sales activity, inventory levels, and pricing.  

Sales Activity

In December 2024, a total of 613 residential properties were sold in Ottawa. This marks:

  • A 7.9% increase compared to December 2023.
  • A 17.0% jump compared to December 2022.
  • However, compared to December 2021, sales decreased by 14.1%.

Over a longer timeframe, sales activity shows a 35.9% rise compared to December 2014, indicating steady growth in demand over the last decade.

Dollar Volume

The total dollar volume for December 2024 reached a substantial $406,897,596, reflecting:

  • A 12.7% increase from December 2023.
  • A 25.0% rise compared to December 2022.
  • A 151.6% surge compared to December 2014.

This impressive growth highlights the increasing value of Ottawa’s real estate market over the years.

Listings and Inventory

The number of new listings in December 2024 stood at 603, which is:

  • 13.6% higher than December 2023.
  • Nearly unchanged compared to December 2022 (0.5% increase).
  • Significantly down (20.2% lower) compared to December 2014.

However, active listings surged to 3,216, showing:

  • A 58.7% increase from December 2023.
  • A 418.7% leap compared to December 2021.
  • A drop of 17.1% from December 2014.

The availability of properties for buyers has seen a substantial rebound, especially compared to the tight inventory levels in recent years.

Pricing Trends

The average price of a home in December 2024 was $663,781, showing:

  • A 4.4% rise from December 2023; and
  • A 6.8% increase compared to December 2022

The median price of properties stood at $625,000, reflecting:

  • A 4.2% increase from December 2023; and
  • A significant 7.8% rise compared to December 2022

These numbers indicate consistent growth in property values, making Ottawa a reliable market for homeowners and investors alike.

Sales to New Listings Ratio

The sales-to-new-listings ratio (SNLR) was 101.7% in December 2024, showing a balanced market:

  • Slightly lower than December 2023 (107.0%); and
  • Higher than December 2022 (87.3%).

Months of Inventory Noteworthy

The months of inventory increased to 5.2, reflecting more options for buyers and slower selling times for homeowners. This is a notable change from:

  • 3.6 months in December 2023.
  • A tight inventory of 0.9 months in December 2021.

Noteworthy

  1. Steady Price Growth: Both average and median prices have shown sustained growth, signaling a strong market.
  2. Increased Inventory: Buyers now have more options, with months of inventory climbing significantly compared to the last few years.
  3. Improved Sales Activity: Sales have rebounded since 2022, although they remain below peak levels seen in 2021.

The Ottawa real estate market in December 2024 reflected a healthy balance between supply and demand, making it a stable time both buyers and sellers. With prices continuing to rise and inventory improving, the market presents opportunities for those looking to invest in the nation’s capital.

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