October has brought a fresh wave of momentum to Ottawa’s real estate market with a significant increase in the number of homes sold compared to this time last year.

“We’re seeing positive movement in Ottawa’s market with sales activity up,” says OREB President Curtis Fillier. “This is especially interesting because there has been sustained activity throughout the year instead of the typical seasonal spikes and lulls. Consumer confidence is getting stronger, boosted by another consecutive Bank of Canada interest rate cut — though many are waiting for additional rate drops.”

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“The challenge remains supply,” says Fillier. “We know from experience that Ottawa’s inventory leans tight and can swing quickly from balanced territory to a seller’s market — which can compound affordability and accessibility challenges. Now is always the time for fresh action and innovative policies that can create much-needed inventory.”

Residential average sale prices increased by 0.4% to $711,148 compared to October 2023. Condominium average sale prices decreased by 3.8% to $423,865.

The average cumulative days on market in the residential class experienced a 25.1% increase to 59 days and a 0.7% increase to 56 days for condominiums.

1,076 residential properties were sold in October 2024, an increase of 51.1% since last year. Condominiums sold reached 278 which is a 25.8% increase.

As we move forward, it will be interesting to see how the market adapts – whether increased consumer confidence drives more activity or if a cautious “wait-and-see” stance prevails among buyers, awaiting potential rate reductions.

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Learn more about our Ottawa communities in the posts below:

• Is Barrhaven a Good Place to Live?
• Neighbourhood Spotlight: Little Italy
• The Glebe – Ottawa’s Historic On Foot Neighbourhood

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Are you planning on buying or selling a home in Ottawa? Our Ottawa real estate agents can help. Reach out to us anytime at 613.829.7484 or email mail@chellteam.com with any questions you may have.