The Ottawa Real Estate Market Update – February

The Ottawa Real Estate Board have released their statistics for last month (January 2025) and it looks like 2025 is off to a strong start price wise as prices are up over 2024 all across the board.

Let’s look at January’s key numbers from the OREB report:

• The benchmark price for single-family homes was $713,000, up 2.3% from last year
• The benchmark price for townhouse/row units was $448,000, down 3.9% compared to a year earlier
• The benchmark price for apartments was $436,900, up 4.5% from 2024
• The current months of inventory in the real estate market is 5.4  at the end of January 2025, up from 3.3 in 2024.

My take from these statistics?

It looks like 2025 is off to a strong start, with prices starting significantly above last year’s  January prices. Which makes sense, as fixed mortgage rates are down about 1.5% from where they were at the beginning of 2024.

Inventory is a bit high, and this could put a damper on prices as we move further into the spring market, but right now the market is looking hot for 2025.

Best,

Chris Hendricks, J.D., REALTOR®, Real Estate Broker

P.S.  Did you know that the Ottawa Mission served over 1 million meals this year? As part of the Ottawa Mission’s Annual “Coldest Night of the Year” fundraising drive, I will be walking with hundreds of other Ottawa residents on Feb 22nd, to raise money for the Ottawa Mission so that they can continue to do their work of offering safe and reliable housing and social services to Ottawa’s most needy. If you want you can support me, sign up and participate, or just donate directly to the Ottawa Mission. Every dollar helps one of Ottawa’s most venerable charities.