The Ottawa real estate market is starting the year with a shift—more listings, cautious buyers, and an air of optimism as interest rates ease. While home sales dipped slightly compared to last year, prices have continued to rise, and the market is showing signs of increased activity.
Market Trends & Key Stats
- Total Homes Sold: 617 (-4.2% from January 2024)
- New Listings: 1,359 (+3%)
- Active Listings: 3,312 (+57.3%)
- Months of Inventory: 5.4 (up from 3.3 in January 2024)
According to the Ottawa Real Estate Board (OREB), buyers and sellers had been waiting for more favorable conditions. Now, with the recent Bank of Canada rate cut and the possibility of further reductions, confidence is growing. More properties are hitting the market, but availability remains tight in some segments, leading to varied sales speeds—some homes are moving quickly, while others take longer to sell.
Home Prices on the Rise
- Overall Benchmark Price: $649,900 (+5.2% YoY)
- Single-Family Homes: $713,000 (+2.3%)
- Townhouses: $448,000 (-3.9%)
- Condos: $436,900 (+4.5%)
- Average Sale Price: $670,258 (+5.8%)
The increase in new listings gives buyers more options, but competitive pricing remains crucial for sellers. With upcoming elections and economic factors like U.S. tariffs in play, there are still uncertainties, but the overall trend points to a busier spring market.
What This Means for You
📌 Sellers: With more competition, pricing your home correctly and ensuring it stands out is key. Homes that are well-prepped and strategically priced are moving faster.
📌 Buyers: More listings mean more choices! With interest rates expected to ease further, this could be a great time to find the right home at the right price.
As the market evolves, staying informed is crucial. Whether you’re looking to buy or sell, now is the time to plan your next move. Let’s connect to discuss how you can navigate this shifting market!
