Home sales in Ottawa in December were up almost eight per cent from the year-ago period but lagged the five- and 10-year averages as a “wait-and-see” market in 2024 came to a close.
According to the Ottawa Real Estate Board, 613 homes were sold in December 2024, a 7.9 per cent increase from December 2023.
Home sales were 6.8 per cent below the five-year average and 2.7 per cent below the 10-year average for the month of December, OREB said in a release Friday.
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On a year-to-date basis, home sales totalled 13,526 units in December 2024, an increase of 11.8 per cent from the same period in 2023.
“A year of wait-and-see came to a close with the expected slowdown over the holiday season,” says OREB president Paul Czan in the release. “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.”
The number of new listings increased 13.6 per cent from December 2023, with active residential listings numbering 3,216 units at the end of December 2024, a gain of 58.7 per cent from December 2023. Active listings were 90 per cent above the five-year average and 51.4 per cent above the 10-year average for the month.
“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,” added Czan.
“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.”
The overall composite benchmark price was $645,800 in December 2024, up 3.8 per cent from December 2023. The benchmark price for single-family homes was $729,300, up 3.7 per cent, while the benchmark price for a townhouse/row unit was $533,200, up 11.3 per cent.
