In October, the housing market in Ottawa saw an increase in sales compared to September, with 1,179 units sold compared to 1,047 units in the previous month. However, the Ottawa Real Estate Board (OREB) reported a “cautious confidence” among consumers in the market, as sales were down 3.9% from the five-year average and 0.9% from the ten-year average. Yet, compared to October of last year, sales increased by 9.4%.

Despite the long-term decline in sales, the market experienced a 10.4% increase in new listings compared to October 2023, reflecting positive activity. The number of new listings also rose by 6.7% from the five-year average and 17% from the ten-year average. This increase boosts confidence in the market, especially after the Bank of Canada cut interest rates.

Regarding prices, prices increased year-over-year, with the average home price in October reaching $668,690, up 1.2% from last year. The price of a single-family home was $724,500, a rise of 0.7%, while the average price of a townhouse unit was $506,900, an increase of 1.6%. Although the price of apartments recorded a decrease of 3.4%, the market overall shows some stability.

The biggest challenge in the market is related to limited supply, as the market can easily shift from a balanced state to a seller's market, which enhances challenges related to affordability and accessibility.