Q Team Q & A

 Over the past three years, Ottawa’s real estate market has experienced notable shifts, with 2022 and 2023 marked by declining home prices and slower sales activity due to rising interest rates and economic uncertainty. Detached homes saw price drops in both years before stabilizing in 2024, while townhouses and condo apartments followed similar patterns. Townhouses, in particular, demonstrated strong recovery in 2024, experiencing double-digit price growth. Meanwhile, condo apartments displayed volatility, with a brief uptick in 2023 before declining again in 2024. The semi-detached, condo townhouse, and detached condo segments likely mirrored broader market trends, with an initial downturn followed by renewed stability. Overall, 2023 was the slowest year for home sales in Ottawa in over a decade, as affordability concerns kept many buyers on the sidelines.

 

By 2024, the market showed signs of resurgence, with detached homes and townhouses leading the recovery. Buyers returned with increased confidence, particularly in single-family homes, as economic conditions began to stabilize. While condo apartments experienced a slight decline, townhouses and detached homes saw significant price growth, reflecting increased demand for family-oriented housing. With Ottawa’s real estate market demonstrating resilience, the outlook for 2025 suggests continued stabilization, particularly in the freehold housing segments. As affordability challenges persist, however, the condo market may remain a more affordable entry point for buyers, while low inventory levels could drive further price appreciation in desirable neighbourhoods.

 

Listing in early spring offers a strategic advantage as buyers start actively searching after winter, leading to increased competition, and potentially higher offers. Homes show well with improving weather, and less inventory means reduced competition for sellers. Buyers are eager to move before summer, creating a sense of urgency. Taking advantage of this early market momentum can lead to quicker sales and better results.