The temperature in Ottawa may be frigid, but its multi-familly market remains scorching hot, according to the latest report from Zonda Urban.
2,079 multi-family units sold in 2024 in the Ottawa Census Metropolitan Area (CMA) — a 75 per cent increase over 2023.
Townhomes stand as the most desirable of the multi-family options in the nation’s capital. Nearly 2,000 townhouses were sold last year — an increase in demand of 72 per cent when compared with 2023. The fourth quarter was particularly active, with 828 units sold, up 84 per cent from the previous year.
“Ground related townhouses really are the engine of this market,” says Pauline Lierman, Zonda Urban vice president of market research. “By late 2023, Ottawa Region developers were already reworking their product and pricing, offering more stacked towns and compact traditional towns — the latter often marketed as ‘urban’ units in the 1,600 to 1,700 per square foot range, and priced below $650,000. The shift paid off during 2024 with buyers re-emerging.”
The majority of the Ottawa’s buying activity took place in the southern and western suburbs of Barrhaven and Stittsville. New master planned communities in these areas accounted for 52 per cent of all townhouse activity. Meanwhile, an additional 25 per cent were sold in Orleans and Kanata — suburbs located in the east and west of the capital, respectively.
Overall, new Ottawa townhouses, including stacked and traditional units, sold for an average of $584,532 as of Q4-2024. Affordability was the key factor with nearly half of new units brought to the market being stacked, with an average sold price of $387,150 (1,066 square feet average unit size).
At an average size of 1,801 square feet, traditional townhouses in newly launched developments sold for an average $588,334 in 2024.
