Ottawa’s real estate market thawed in January but sales were still slow.

The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 629 units in January 2024. This was an increase of 16.5% from January 2023.

“Ottawa’s market activity is seeing positive gains over last year but it’s still a relatively quiet market even by pre-pandemic standards,” says OREB President Curtis Fillier.

“While REALTORS® are telling us there’s lots of showing activity, probably thanks in part to the forgiving winter thus far, it’s not all translating to sales. This tells us that buyers are back out there looking, but still approaching cautiously.”

“During the pandemic market, buyers had to move quickly and sometimes settle for a property that didn’t check all their boxes. Today, buyers are using the slower market to take the time needed to find their perfect place.”

In January, the overall MLS® HPI composite benchmark price was $621,600, a gain of 3.2% from January 2023. The benchmark price for single-family homes was $703,500, up 3.7% on a year-over-year basis in January.

By comparison, the benchmark price for a townhouse/row unit was $462,200, down 2.1% compared to a year earlier. The benchmark apartment price was $418,500, up 3.7% from year-ago levels.

The average price of homes sold in January 2024 was $631,722, increasing 1.8% from January 2023.

The number of new listings saw an increase of 7.3% from January 2023. There were 1,271 new residential listings in January 2024.

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