Ottawa Market Update

october 2024

The Ottawa real estate market in October reflects a cautious optimism, with signs of growth in both sales and listing activity.

Home sales in increased by 47.28% compared to last year, and on a year-to-date basis, showed an increase of 9.4% from the same period in 2023. Inventory has also risen by about 10.25%, giving buyers slightly more options than in previous months. Despite these gains, Ottawa’s market remains under-supplied, with only 3.3 months of inventory—below the level needed for a fully balanced market, which would require around 4-6 months. This low inventory still places some pressure on buyers, though increasing consumer confidence, spurred by recent interest rate cuts, is encouraging more people to enter the market.

For buyers, this means a slightly improved selection but with ongoing competition, particularly for single-family homes. Sellers, especially in the single-family and townhouse segments, can benefit from these competitive conditions, though setting realistic pricing will be key to attracting offers.

As the year progresses, buyers can expect a few more listings, offering more opportunities, especially if they’re flexible on property type. Sellers should continue to see steady demand but should monitor market conditions closely, as any additional rate adjustments or economic changes could shift market dynamics further.