The Ottawa real estate market continued to show resilience in November 2024, as reported by the Ottawa Real Estate Board (OREB). While sales activity dipped slightly compared to the previous month, year-to-date figures and price trends indicate steady progress and a competitive market.
Home Sales in November 2024
In November 2024, a total of 1,059 homes were sold through the MLS® System, marking a slight decrease from October’s 1,179 units. Here’s a breakdown:
- Year-to-date, 12,882 homes have been sold in 2024 — an 11.8% increase compared to the same period in 2023.
- Sales were 3.1% below the five-year average for November.
- Sales were 0.5% below the 10-year average for the same month.
By the Numbers – Home Prices
The MLS® Home Price Index (HPI), known for its accuracy in tracking market trends, highlights the following price changes:
- Overall MLS® HPI Composite Benchmark Price: $636,700 (up 1.5% year-over-year).
- Single-Family Homes: $722,400 (up 2.1% year-over-year).
- Townhouses/Row Units: $491,500 (up 0.3% year-over-year).
- Apartments: $406,200 (down 3.7% year-over-year).
- Average Price of Homes Sold in November 2024: $667,098 (up 4.6% from November 2023).
- Year-to-Date Average Price: $679,797 (up 1.2% year-over-year).
OREB advises using these numbers to identify market trends over time, as average prices may not reflect individual neighbourhood fluctuations.
The total dollar volume of all home sales in November reached $706.4 million — a significant 51.8% increase compared to November 2023.
By the Numbers – Inventory and Listings
Inventory levels saw notable changes this November:
- New Residential Listings: 1,352, a 7.3% decrease from November 2023.
- 6.3% below the five-year average.
- 0.3% above the 10-year average.
- Active Listings: 4,036 at the end of November 2024, up 38.2% year-over-year.
- 72.8% above the five-year average.
- 44.3% above the 10-year average.
- Months of Inventory: 3.8 months, slightly down from 4.0 months in November 2023.
Months of inventory reflect how long it would take to sell all current listings at the current pace of sales, offering insight into market balance.
Key Takeaways
The Ottawa real estate market in November 2024 demonstrated a mix of stability and growth. While sales activity dipped slightly, price trends show an overall appreciation in value, particularly for single-family homes. Rising inventory levels and sustained buyer interest suggest a well-balanced market heading into the new year.
Whether you’re buying, selling, or simply observing, staying informed on these trends ensures you’re ready to make confident decisions in the dynamic Ottawa real estate market.
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