Ottawa Real Estate Board

The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 613 units in December 2024. This was a moderate gain of 7.9% from December 2023.

Home sales were 6.8% below the five-year average and 2.7% below the 10-year average for the month of December.

On an annual basis, home sales totaled 13,526 units over the course of 2024. This increased by 11.8% from 2023.

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $645,800 in December 2024, a minor increase of 3.8% compared to December 2023.

The benchmark price for single-family homes was $729,300, a small gain of 3.7% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $533,200, increasing by 11.3% compared to a year earlier, while the benchmark apartment price was $404,400, a modest decline of 2.5% from year-ago levels.

The average price of homes sold in December 2024 was $663,781, a gain of 4.4% from December 2023.

The more comprehensive annual average price was $679,067, up modestly by 1.3% from all of 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.

The dollar value of all home sales in December 2024 was $406.9 million, an increase of 12.7% from the same month in 2023.

The number of new listings rose 13.6% from December 2023. There were 603 new residential listings in December 2024.

New listings were 3.5% above the five-year average and 0.6% above the 10-year average for the month of December.

Active residential listings numbered 3,216 units on the market at the end of December, a substantial gain of 58.7% from the end of December 2023. Active listings haven’t been this high in the month of December in more than five years.

Active listings were 90% above the five-year average and 51.4% above the 10-year average for the month of December.

Months of inventory numbered 5.2 at the end of December 2024, up from the 3.6 months recorded at the end of December 2023 and above the long-run average of 3.6 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.