Number of Home Sales
Last month, the Ottawa real estate market saw 722 property sales, down 10.2% from February last year. While the Bank of Canada’s rate cuts boosted buyer confidence in 2024, trade war concerns have added some uncertainty to the market.
The graph below shows monthly sales volume data grouped by month since 2020.
SOLD PROPERTIES BY MONTH, % CHANGE FROM PRIOR YEAR (2020-2024)
Median Sale Prices
The median sale price of a home in Ottawa was $640,000 last month, reflecting a 2.4% increase over February 2024. Median sales prices have now risen for seven consecutive months on a year-over-year basis while remaining relatively stable, underscoring the balance we are currently seeing in Ottawa's real estate market.
The following graph shows the monthly average sale price data since 2020.
MEDIAN SALE PRICE BY MONTH, % CHANGE FROM PRIOR YEAR (2020-2024)
Active Listings by Month
At the end of February, 2,255 homes were available for sale in Ottawa, marking a 7.4% year-over-year increase. Inventory levels should rise as spring approaches. We should see more fresh inventory listed for sale as we get closer to spring.
The chart below shows the active listing data for the last five years.
ACTIVE LISTINGS, % CHANGE FROM PRIOR YEAR (2020-2024)
Days on Market (Median)
Last month, homes in Ottawa took a median of 18 days to sell, 10% less than last year.
Median days on market data since 2020 can be found in the table below.
MEDIAN DAYS ON MARKET, % CHANGE FROM PRIOR YEAR (2020-2024)
Months of Inventory
The months of inventory measure ("MOI") is calculated by taking the number of homes available for sale and assessing how long it would take for those to sell if demand remained constant and no new inventory was added to the market. This measure is a core indicator that helps assess whether we are in a buyer's, seller's, or balanced market.
In February, Ottawa's Months of Inventory stood at 2.8 months, reflecting a 10.8% increase compared to February 2024.
Months of Inventory data since 2020 can be found in the table below.
MONTHS OF INVENTORY, % CHANGE FROM PRIOR YEAR (2020-2024)
After experiencing its first price decrease in 27 years in 2023, the average home sale price in Ottawa rebounded last year. The average price increased to $676,000, up from $655,000 in the previous year (2023). Even though the average price remains below the 2022 high of $691,500, the Ottawa housing market's recovery has been swift, true to its typical resilience.
The historical average price of a home in Ottawa since 1956 can be found in the chart below.
HISTORICAL AVERAGE HOME PRICES IN OTTAWA (1956-2024)
What This Means for You
It is critical to note that broad aggregate data is useful to establish trends, but significant variability exists at a community and housing-type level. If you are interested in getting a more refined estimate of the value of your home, or if you are interested in beginning your house hunt, we would love to help!
Give us a call at 613-614-2999 for your no-obligation consultation.
* Real estate market data is taken from the Ottawa Real Estate Board's Multiple Listing Service (MLS) and is believed to be accurate but is not warranted.
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