Ottawa-Gatineau housing market heated up in 2024, say real estate watchers [Video]

Real estate agents and experts in the National Capital Region say 2024 ended on a positive note for the local housing market, which is showing signs of consumer confidence and stability after a slowdown last year.

Whether that holds depends on how looming cuts in the federal public service and the U.S. threat of tariffs affect the local economy, however.

Paul Czan, president of the Ottawa Real Estate Board (OREB), said the 11.8 per cent increase in sales in 2024 compared to the previous year is a step in the right direction.

“We’ve definitely seen a recovery,” he said. “That definitely shows an increase in consumer confidence. People are getting back into the market. They’re realizing their dreams of home ownership.”

Czan said the decrease in the interest rate and federal changes to mortgage rules are helping put home ownership back within reach for some, but access for seniors and first-time buyers remains a major issue.

The Liberal government has unveiled plans to loosen …