January 10th, 2025 | Real Estate News
Ottawa Real Estate – December 2024
As we wrapped up a year marked by cautious buyers and sellers, the usual holiday season slowdown was anticipated. However, compared to the same time last year, both number of properties sold and average sale price saw an increase.
“A year of wait-and-see came to a close with the expected slowdown over the holiday season,” says OREB President Paul Czan. “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. And it’s an uphill battle against affordability and supply issues that persist.”
“Listing activity indicates that sellers anticipate improved conditions could spur more activity from buyers who have been keeping a close eye on the market but hesitant to make moves. 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.”
Residential average sale prices increased by 2.8% to $752,224 compared to December 2023. Condominium average sale prices increased by 0.6% to $462,496.
The average days on market in the residential class experienced a 2.2% increase to 46 days and a 4.7% increase to 43 days for condominiums.
418 residential properties were sold in December 2024, an increase of 14.6% since last year. Condominiums sold reached 196 which is a 23.3% increase.
Encouraging changes including consecutive interest rate cuts during 2024 could pave the way for a more balanced and accessible market in the months ahead.
Planning to buy or sell a home? The posts below can help:
- Should I Sell My Ottawa Home This Winter?
- Is It Smarter to Buy First or Sell First?
- Are Older Homes a Good Investment in Ottawa?
You can reach out to us anytime at 613.829.7484 or email mail@chellteam.com with any questions you may have.
