With fall in full swing, Ottawa’s real estate market continues to show resilience. Sales activity is picking up and prices are holding steady with a slight in residential properties sold compared to this time last year.

“As we navigate a shifting housing market, Ottawa’s fall outlook is healthy,” says OREB President Curtis Fillier. “Activity is robust with an uptick in sales and prices remaining steady. Meanwhile, both buyers and sellers are rethinking their purchasing power amidst news about additional interest rate cuts on the horizon, longer amortizations, and increased price caps for insured mortgages.”

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“There have been encouraging policy developments recently that will stimulate demand,” says Fillier. “But Ottawa’s market does not typically have demand problems — we have chronic supply issues. We’re not building enough homes in the city, and we’re not building enough of the right homes to address the ‘missing middle.’”

Residential average sale prices increased by 1.3% to $735,037 compared to September 2023. Condominium average sale prices decreased by 2.2% to $426,836.

The average cumulative days on market in the residential class experienced a 32.9% increase to 58 days and a 15.8% increase to 56 days for condominiums.

938 residential properties were sold in September 2024, an increase of 11.1% since last year. Condominiums sold reached 263 which is a 4.8% increase.

With discussion about additional interest rate cuts and the introduction of longer amortization periods, it will be interesting to see how these changes potentially influence buyer and seller activity in the coming months. ⁠

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Should you buy a house in Ottawa? The posts below can help you decide:

• Is Ottawa Boring? No, and Here’s Why!
• The Best Ottawa Neighbourhoods for Commuters
• Is Ottawa Pet Friendly?

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Do you have questions about Ottawa real estate? Reach out today at 613.829.7484 or email mail@chellteam.com, and one of our experts will be happy to help you.