December Ottawa Real Estate Market Update
The Ottawa Real Estate Board has released their statistics for last month (November 2024) and what’s notable this month is that the statistics are showing a growing divergence between apartment (condo) units and single family homes.
Let’s look at Novembers key numbers from the OREB report:
- The benchmark price for single-family homes was $722,400, up 2.1% from last year
- The benchmark price for townhouse/row units was $491,500, up 0.3% compared to a year earlier
- The benchmark price for apartments was $406,200, down 3.7% from 2023
- The current months of inventory in the real estate market is 3.8 at the end of November 2024, down from 4.0 November 2023, but higher than last month’s 2.8 months of inventory.
My take from these statistics? It looks like the single family market is staying strong, perhaps buoyed by stimulatory government policies that were announced this fall. However the apartment market remains weak. This is good news for down-sizers who are moving from a larger home to a condo, but makes things harder for those trying to move up in the real estate market.
Another piece of news that will likely affect the market in the new year is the news that the government has changed the mortgage rules, allowing first time homebuyers and buyers of new homes to secure 30 year mortgages and allowing CMHC mortgage insurance on purchases of up to $1.5 million (up from $1 million).
These changes, which come into effect on December 15th, 2025, will help bring more buyers to the market in 2025, which in turn should support home prices.
Best,
Chris Hendricks, J.D., REALTOR®, Real Estate Broker
P.S. Did you know the best time to sell your home is during the spring market—between February and April? This is when buyer interest is at its peak, and home prices are often at their highest. But to make the most of this prime selling season, preparation is essential.
Selling success starts with getting your home market-ready, whether that means decluttering, tackling small repairs, or making strategic upgrades to boost its appeal. That’s why it’s important to connect with a Realtor between December and January. We’ll help you create a tailored plan to highlight your home’s best features, set the right price, and market it effectively.
Don’t miss the opportunity to stand out in the competitive spring market! Call or text us at 613-614-3376 today. Let’s get started on a plan to help you sell with confidence and maximize your success in 2025!
