market updates - JANUARY 2025
Average Sale Price Residential: $670,258 up 5.8% over January 2024
Average Sale Price Condo: $441,704 up 5.4% over January 2024
Total Residential Homes Sold: 617 down -4.2% from January 2024
Total Condo Sales: 109 down -5.2% from January 2024
“Ottawa’s market is seeing increased activity as more listings hit the market and buyers start to re-engage,” says OREB President Paul Czan. “Many buyers and sellers had been waiting for more conducive market conditions, but with the recent rate cut and potentially lower interest rates on the horizon, optimism is growing. While there’s more supply, the availability of suitable properties in various market segments remains tight. This is reflected in some homes selling quickly while others linger on the market. Sellers should be prepared to price competitively and present their homes in the best light to capture buyer interest in this evolving market."
“The recent Bank of Canada rate cut, introduction of U.S. tariffs, along with upcoming provincial and federal elections, introduce factors of variability,” adds Czan. “That said, confidence is growing, and more buyers are expected to return to the market in the coming months, leading to an increase in transactions.”
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